Essex Square

Average Cash: 6%+ annual rate

IRR: 15%+

Number Of Units: 88 State: Florida

Purchase Date: April 2015

Sold Date: Still Operating

The Essex Square property is a nicer C-class apartment located in Pensacola, Florida. The project was purchased at 97% occupancy. Essex Square was part of a multi-property portfolio that was bought at an auction prior to purchase. We were able to buy opportunistically from the seller, as they had purchased the bulk of the portfolio for the assets that were in other markets, making Essex expendable to their portfolio. The Property consists of nine one-story buildings, representing 44,353 square feet of living space spread over approximately 5.65 acres of well-manicured grounds. The property consists of 88 separate apartments, including 27 studios, 56 one-bedroom units and 5 two-bedroom units. The property had been significantly renovated prior to our purchase with new 50-year metal roofs, new siding and new ventilation systems in the crawl spaces. In addition, the interiors of 55 of the 88 units had been significantly updated, with new flooring, paint, appliances and, in some cases, cabinetry and other finishes. Due to its high occupancy rate (currently 97%) and positive performance trends, the property was eligible for attractive financing options immediately.