Treasures on the Bay

North Bay Village, FL

Property Characteristics

• Purchase of 329 rental units within a 498-unit three-tower condominium community • North Bay Village is an island community situated between mainland Miami and Miami Beach. The majority of units feature unobstructed waterfront views

Acquisition

• September 2016

Investment Opportunity

• The complexity of a fractured condominium and the fully-vacant North Tower deterred other potential buyers • Attractive acquisition basis allows rents to be at a meaningful discount to new properties, serving a segment of the market that is supply constrained • Control of master condominium association provides flexibility to facilitate business plan execution • Purchased from mortgage REIT which had foreclosed upon the asset in 2011 and was focused on recouping its investment rather than operating the property

Execution

• Invest capital in new amenity spaces that enhance residents’ lifestyles • Execute a renovation of the Point Tower to enhance unit interiors and exterior common areas • Lease-up the vacant and newly renovated 160 units in the North Tower