Wake Biscayne Bay

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