2550 Tulane Ave, Daytona Beach, FL

14 Units

2550 Tulane Ave, Daytona Beach, FL

Challenge:

The owner of the Tulane Apartments lived in France and owned 3 other apartment complexes in Pensacola, Florida. The owner had far greater management and operational economies of scale in Pensacola, leaving the smaller Daytona Beach complex hard to justify holding on to with it being 7 hours away. He wanted to sell the Daytona Beach apartments in order to shift focus, energy, and resources to acquire more apartments in Pensacola to capitalize on management efficiencies.

Action Taken:

BRG noticed a number of physical improvements that could be made to the property to significantly increase rents, including new kitchens, bathrooms, flooring, and the addition of stackable washer/dryers, resealing of the parking lot as well as exterior painting. BRG queried the investor database they've been building for 15 years to create a targeted buyer's call list.

Result:

Finding buyers for value added assets isn't hard these days. But choosing which buyer will go the distance is key. With only a few phone calls, BRG selected a very solid local investor who already owned a number of complexes in the area. This particular investor had a track record of paying cash, moving quickly, and doing outstanding post closing modifications to maximize the rents and boost his own returns. The buyer later hired BRG to locate additional complexes to add to his portfolio.

Testimonial:

Beau has a firm grasp of the multifamily market in North Florida and has been a dependable asset to me in growing my apartment portfolio in the Volusia County area. He is very responsive via phone, email or text when I need him and doesn't waste time getting pertinent information to either evaluate a deal or during a contract period to complete a transaction. I look forward to doing our next deal together.

--Adam Bryan