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