We’ve been active in the market for the last 10 years and were able to acquire, develop, reposition and sell many properties. Below is a short description of the deals we’ve done:
The property was an unfinished condo building with an abandoned shell for number of years in the Omni area near downtown Miami. Our group acquired the unfinished structure, re-designed it and developed 81 unique style lofts along with 9,000 SF commercial space. A construction loan was obtained from a New York fund and the work was performed by a local general contractor with the close supervision of our group.
The uniqueness of the project created demand and commended high rents in the area which has also been developed to the “Arts & Entertainment District” and is considered as one of the most promising upcoming areas in Miami along with the Design District, Mid-Town and Wynwood.
Onsite management is been done in-house and leasing is been handled by Fortune International Realty.
You can learn more about this project by visiting FillingStationLofts.com.
Legacy Place Condominium is a 384 units condo conversion located in Palm Beach Gardens Florida. Back in 2007 our group arranged a bulk deal acquisition of the unsold units from the developer in a fast all cash transaction. Immediately after the few repositioning actions took place and the acquired inventory was fully leased within weeks. Upon stabilization a conventional debt was placed and the portfolio has been produced income since then.
Post this acquisition; Mr. Avital has served as the President of the association Board of Directors. He has been instrumental in establishing the Banyan Property Management firm and overseeing the activities of the team. Mr. Avital is also responsible for supervising the property management services as well as the financials while managing the acquired inventory asset management in-house including rentals, collections and maintenance.
Marina Oaks is a 310 units condo conversion located in Ft. Lauderdale Florida. The property was in a severe distressed situation with deferred TLC and uncollected HOA fees among others. The HOA was on the brink of bankruptcy and the foreclosure rate was staggering.
In mid-2009 our group arranged a tri-party transaction where the note for the remaining unsold inventory was purchased along with a borrower deed-in-lieu of foreclosure. Upon closing the group was holding a significant ownership stake in the distressed property, which allowed to take control of the homeowners’ association board of directors and implement an aggressive repositioning action plan.
The plan included new management firm with a skilled local team and restructured the operations. Within a short span of 12 months, an additional 60 units had been acquired and the property was stabilized. In the 24 months following this, the property went through significant renovations backed by funding reserves. As a result, the portfolio was paying over 15% un-levered cash coupon and tripled in value.
Back in 2011 our group acquired a foreclosed residential property from the lender located in the desired Edgewater in Miami. The property was in a severe deferred TLC and low occupancy. Within few months the property was repositioned along with capital improvements and achieved full occupancy. Our ownership was sold at significant higher value with IRR of over 100%.
Back in 2010 our group a super fast transaction to acquire an un-finished town homes project in Victoria Park FL. The acquisition was arranged as significant discount to replacement cost and included an aggressive construction plan along with sales. Within a short span of 10 months since acquisition, construction had been completed and the project was sold out to end- users. All the units in the project have been sold to buyers at an average of $340,000 per unit which exceeded the target exit price and yielded almost 90% IRR.
In 2008 our group arranged a bulk purchase of the developer remaining unsold inventory in a boutique condo conversion in North Beach FL. Upon closing our group took management responsibilities and serve on the HOA board of directors. We also manage our own inventory within this property.
