Topaz Village
Acquired Q4 2021
Address: 100-210-220 E University Blvd.
Melbourne, FL 32901
Website: www.topazvillageapts.com
Number of Units: 229
TOPAZ acquired this property with the same syndicate of domestic and international UHNWI, Family Offices, and Private Equity partners in Q4-2021. The deal was structured with staggered hold periods with nuanced exit strategies; tiered and complementary renovation programs, thoughtful and diligent business plans to optimize returns. The debt and ownership structures were tailored to suit LP regulatory, tax, and investment objectives. Flexibility in operating agreements accommodate our LP investor’s tax sensitivities and reporting requirements.
About Topaz Village
In addition to interior renovations, a key business objective create new amenities that are expected from this quality property. Creating these essential amenities will modernize the property and allow Topaz Village to be a leader amongst the other top rental communities in the submarket. The exceptional amenity package along with the incremental revenue from tiered unit interior and exterior upgrades will be significantly accretive to the property’s market value.
- Acquired for $30M after several rounds of negotiations with prior ownership and raised just shy of $5M for Capital Improvements and Closing Costs
- Located in Melbourne, Florida, along S. Babcock industrial and commercial corridor, and a market dominated by high profile employers (I.e. L3Harris Technologies, Holmes Regional Medical, etc.) as well as leading local and regional educational institutions
- Opportunity to purchase a value-add and mismanaged asset in the ever-growing city of Melbourne, FL feeding off the booming Orlando and Space Coast MSA’s.• Repositioning the property entirely by doing premium upgrades and renovations to the interiors and exteriors of the property per Topaz HQ Living Standards.
- Due to Topaz’s thorough due diligence of the market, we learned that rents were well below market and have been successful in ridding the property of “delinquent tenants” immediately post-closing.