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Riverside Manor

Riverside Manor is located in Wilton Manors, a highly sought after submarket of Fort Lauderdale.  When Blue Ribbon Asset Group acquired the property, it was a neglected Class C Property.  Our business plan was to remodel all 18 of the units to include new vinyl plank flooring, new kitchens with stainless appliances, and fresh and state of the art bathrooms. 

We were able to obtain 70% financing at 4.02% by using a 2 year bridge loan, where the bank agreed to finance all of the capital improvements.  There were also (2) two, six month extensions if needed to finish the improvements.  After stabilization of the asset, the bank would roll the loan over into a conventional multifamily loan, and would cash out the equity on the property based off a 70% loan to value.  We estimate a return of between 30 and 35% of the invested capital when this occurs. 

      Year Built:  1972

      Units:  18

      Rents at Acquisition:  $1,036 average per unit

      Rent after Capital Improvements:    $1,369 (24% increase)

      Occupancy at Acquisition:  95%

      Projected Cash on Cash Return:  8.46%

      Projected 10 year Internal Rate of Return (IRR):  20.75%

      Projected 10 Year Equity Multiple on Original Investment:  3.28

      Total Return on Original Investment (Cash Flow + Profit from Sale):  228%

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