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.   

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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.

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      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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