Value-Add Acquisition Strategy Pays off for RangeWater
Investment Information: Value-add acquisition and renovation well below replacement cost
Overview: RangeWater bought 447-unit Audubon Village in Tampa’s fast-growing Westshore area in 2011. Built in 1990, it has an excellent location near businesses, the airport, Tampa Bay itself and a causeway to the area’s beautiful beaches. Amenities include lake and bay views, pools, grills, a picnic area, private patios, balconies and screened porches, tennis and racquetball courts, a fitness center, hot tub and dog park.
Strategy: Acquire and update 20+ year-old property, improving resident experience, investor returns and long-term value
The Work: The firm renovated two clubhouses and many of the interiors, updated kitchens, replaced plumbing, upgraded landscaping and installed new signs. It also brought in its own management team.
Results: The amount the firm paid remains far below what it would take to build a brand new community. The management team has improved both service offerings and occupancy.