We promised you more details about Spindrift Capital’s recent Princeton Parc Apartments acquisition, and here they are (along with a few more pictures)!
Princeton Parc Apartments is a 20.1 acre development in Melbourne, Florida encompassing 200 units for a total of 230,744 rentable square feet. Constructed in 2003 this community is in prime condition with several recent community upgrades like a newly renovated clubhouse, internet cafe and outdoor kitchen. It is considered a class B+ development in a growing market.
The seller has already made upgrades to around 30% of the units and received substantial rent upgrades on these, which provides an excellent outlook for our planned interior renovations to the remaining units. Additional community improvements in our business plan include valet trash, a car wash, and an on-site pet spa.
We are happy to be partnering with Theory Property Management & Moneil Management Group to optimize the performance of this asset, as well as working with our fellow General Partners at Enzo Multifamily and the Moneil Investment Group.
Stay tuned over the coming WEEKS for more about this great new acquisition!
A big “Thank You” to Gerard O’Sullivan for all of his time and hard work in bringing this deal to the table, as well as to all of the investors who contributed to making another great opportunity a reality!
