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Oakland Park Apartments

Oakland Park Apartments is located in the submarket of Fort Lauderdale called Oakland Park.   When Blue Ribbon Asset Group acquired the property, it was a neglected Class C Property.  Our business plan was to replace the roof, windows and doors, all air conditioning units, and remodel all 10 apartments including kitchens, bathrooms and appliances.   

We were able to obtain 80% financing at 4.5% with a bank that was willing to allow us a draw to offset some of the capital improvements.   After stabilization of the asset after just over 3 years of ownership, we refinanced the property and were able to lower our interest rate to 3.15% and pull out $268,000 of capital.

      Year Built:  1970

      Units:  10

      Rents at Acquisition:  $955 average per unit

      Rent after Capital Improvements:    $1,510  (47% increase)

      Occupancy at Acquisition:  100%

      Projected Cash on Cash Return:  7.90%

      Projected 7 year Internal Rate of Return (IRR):  17.94%

      Projected 7 Year Equity Multiple on Original Investment:  2.06

      Total Return on Original Investment (Cash Flow + Profit from Sale):  107%

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