Untouched and self managed for nearly a decade, this 74 unit building was a true diamond in the rough. The previous owner hadn’t increased rents in years, leaving tremendous upside potential.
Simplicity Capital was able to transform this portfolio of buildings into a mecca for young professionals who wanted to live minutes from downtown and the beach, without having to pay new development rents. We renovated 90%+ of apartments with marble kitchen and bathrooms, and brought in a more upscale clientele.
Simplicity sold the property in 2017, generating a 30.5% annual net IRR.