Best-In-Class Community in Strong Submarket Acquired
Investment Information: Opportunistic acquisition of new best-in-class, high cash flow investment in strong secondary market below both original debt balance and replacement cost
Overview: RangeWater seized the opportunity to acquire 252-unit Polo Glen, one of the most luxurious apartment communities in the Melbourne, Fla. area, in 2013. Florida’s Space Coast has many large employers and affluent young professionals looking for places to live. Built in 2008, the 252-unit gated community is within minutes of Boeing, Patrick Air Force Base, Merritt Square Mall and Melbourne Square Mall. Amenities include attached garages, lakeside views, a heated pool, large fitness center, cyber café, cherry-stained wood cabinets and oversized garden tubs.
Strategy: Acquire luxury community in financial distress due to the economic slowdown and return it to profitability, improving services and investor return
The Work: The firm located and secured a significant investment opportunity. RangeWater improved service offerings and is increasing the already-high occupancy.
Results: The health of the Central Florida economy, the high occupancy rate, strong cash flow and great location indicate the acquisition should be a positive long-term move.