Atlantica Resort Apartment Homes
The property is a B class property in an A-class location, in the strong Beaches submarket in Jacksonville, just 1 mile from the beach, and close to a local park, retail, and a country club.
The property presents exterior renovation and management optimization opportunities. The business plan is to renovate the exterior and add amenities while increasing rents and mitigating risk by pursuing a conservatively leveraged agency loan at a very low-interest rate.
The property will cash flow from day one.
- B Class property in an A-Class area built in 1987
- 100% occupied
- 100 units: All units are 2 bed / 2 bath
- Heavy Yield/ Light Value-Add opportunity: we will upgrade the exterior and amenities and increase the rent
- Off Market deal
- Debt: low Agency Fixed-rate, with 36 months of interest only
- Located 1 mile from a white sand beach (1.5-mile public beach with 15 miles of off-road bike trails and 300 campsites), next to Kathryn Abbey Hanna Park
- 20-minute bike ride from Beaches Town Center, a top tourist destination in Jacksonville
- Home to North Florida’s largest concentration of Class-A Office Space (14.5M SF and 51,500+ jobs) and 3 Fortune 500 Companies’ HQ
- Partial renovation completed by the current owner (stainless steel appliances, granite countertops, flooring)
- We will do additional renovation (painting, lighting fixtures, green fixtures)
- Blue Lake will also use CapEx to freshen up amenities and build new ones
- Rents are $200+ under market with plenty of opportunities to increase rents
Investment Opportunity at a Glance:
For this project, we are using a tiered pref approach:
- For an investment less than $99,999, we are projecting average cash-on-cash returns of 6% and equity multiple of 1.84x.
- For an investment between $100,000 – $199,999, we are projecting average cash-on-cash returns of 7% and equity multiple of 1.9x.
- For an investment of over $200,000, we are projecting average cash-on-cash returns of 8% and equity multiple of 1.94x.
- Anticipated return around 15% IRR
- Self-Directed IRA investment options available
- Projected to exit in 5 years
- Min investment: $50,000
This investment opportunity is open to both accredited and sophisticated investors. It is a conservative investment with high return potential, cash-flowing since day one and it will be filling up quickly.
We will be receiving commitments on a first-come, first-serve basis.