Topaz Villas JAX
5327 Timuquana Road
Jacksonville, Florida 32210
Acquired in Mid 2019
Increasing Market Value with Modern Amenities + Unit Upgrades
About Topaz Villas JAX
In addition to interior renovations, a key business objective was to construct new amenities from scratch, as the property lacked some essential amenities such as; dog park, screened-in porches, modern-gym, etc. Constructing such essential amenities would modernize the property and allow it to compete and be a leader amongst the other top rental communities in the submarket, while also allowing us to add more office space to the clubhouse / leasing center by creatively repurposing existing common area space. The exceptional amenity package along with the incremental revenue from tiered unit upgrades will be significantly accretive to the property’s market value.Bullet points where the address is now Under Acquired Date.
- Acquired off-market for $35,150,000 with $5,000,000 of CapEx.
- Located in the West Submarket of Jacksonville, with close proximity to downtown Jacksonville.
- Repositioning the property by doing full luxury upgrades and renovations to the interiors and exteriors of the property.
- Construction commenced in June 2019, and we have currently completed 100% of the exterior work and 30% of the interior units.
- Receiving $150-$250 in rental increases 6 months after acquiring the asset.
- Property was financed with a floating rate bridge loan from Arbor.