The Commons

 

1721 Anniston Road, Jacksonville, FL
328 Units

Strategic Holdings acquired The Commons on Anniston on December 18, 2017 for $23,750,000. At the time of acquisition, the property appraised for $25,900,000, was 96% occupied and fully stabilized. With a renovation budget of $2,500,000, Strategic will implement a value-add strategy that includes curing all deferred maintenance and renovating the unit interiors in order to increase rents to the current market rates. By achieving the higher market rents, Strategic believes that the increased income will translate into a value of approximately $31,000,000 three to four years from the purchase date.

DETAILS

Est. Pro-Forma Value: $25,900,000
Acquisition Price: -$23,750,000
Renovation Costs: -$1,016,000
Estimated Profit: $1,134,000