Artisan Cove

Sarasota, FL
21 Unit Value-Add Apartment

Aquired: 2015
Sold: 2018

Investor IRR:
18.2% Projected
43.1% Actual

Equity Multiple:
2.28x Projected
3.4x Actual

Greenwood Beach Partners converted this vacant transitional living facility into a workforce housing rental project. 75% of the units were rehabbed with new kitchens, bathroom fixtures, and new flooring. The exterior of the property was updated with new painting, a parking lot, landscaping, and a recreational deck. The property was refinanced after 18 months, and 100% of investor equity was returned at that time.

1840 Morrill St

1840 Morrill Street
Sarasota, FL 34236