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