Ocean Walk Apartments

Key West, FL

Property Characteristics

• 297 apartment units
• Last refurbished in 1989
• One of only three institutional-quality apartment buildings in Key West (one of the highest barriers-to-entry markets for new development in the U.S.)

Acquisition

• September 2014

Investment Opportunity

• Substantial annual increase in air traffic to Key West since 2009, driving the tourism industry and demand for hospitality workers’ and workforce housing
• Key West is one of the highest barriers-to-entry markets in the U.S.

Execution

• Renovating all units and performing other value-add initiatives
• Achieving significant rent premiums on renovated units