FOR IMMEDIATE RELEASE
September 2nd, 2021
For additional inquiries please contact:
VP, SAR Apartment Capital
SAR Apartment Capital continues expanding its Florida portfolio with the acquisition of the 54-unit, rental community “The Cottages At Magnolia” in Tallahassee.
The final purchase price is US $4,170,000 dollars
Miami, FL – Today Abiel Ballesteros, SAR Apartment Capital, and multifamily investor Elvis Mons, are proud to announce the acquisition of a 54 residential property in Tallahassee, Fl for $4,170.000 US dollars, at $77,222.00 per door with average per-unit rents of US $950.00.
SAR Apartment Capital identified an opportunity to double the unit count to 108 apartments by converting the oversized 4 bedroom/ 4 bathroom apartments into smaller, yet sizeable models.
Our development plan calls for these 4/4 units with 1,590 sq. ft to be remodeled into two units of 1-bedroom/ 1-bathroom; and 2-bedrooms / 2-bathroom units, thus creating a value-add opportunity through operational and physical upside by adding full-time in-house maintenance and property management.
As part of this redevelopment, we intend to make an investment of US $1,9 million dollars in capital improvements to complete our vision for the new community.
Projected IRR 25.06%
Projected Level Equity Multiple 4.43%
Average Cash on Cash 8.73%
With this new acquisition, SAR Apartment Capital and its partners are delivering again on its promise to source, acquire and manage multi-family assets with high ROI potential for its investors.