BH BRADLEY 2013 FLORIDA PORTFOLIO
Inwood Park Apartments is a 404 unit property located in Tampa, Florida. The Property is currently under contract for and expected to close in March, 2013. A capital investment plan is scheduled. Fund 2013 will partner with an affiliate of Stone Point Capital on this project. Affiliates of Stone Point have invested more equity into apartment communities that are co-owned or managed by BH Equities affiliates. BH Equities believes partnering with Stone Point will continue to provide significant benefits to BH Equities and its Investors.
Inwood Park has a strategic location in northwest Tampa, just south of the desirable Great Carrollwood community. The property was built in 1985 and boasts sought after two-story building designs, large floor plans and appealing common area amenities. BH plans to capitalize on these features by upgrading the interiors and amenities. This location provides residents easy access to the major employment centers in Tampa, including Tampa International Airport, Westshore Business District, and downtown Tampa. Residents have a variety of shopping and entertainment options nearby including Publix, Target, Wal-Mart and AMC Veterans 24 Theaters. The contract price per unit and the all-in costs are a very reasonable price point for the quality, location.
The Mayport-Paces I & II Portfolio comprised of Lakes of Mayport, Atlantic Beach, Florida (on the eastern edge of the Jacksonville) and Paces River I & II, Rock Hill, South Carolina (25 miles southwest of Charlotte, NC) is also under contract with co-sponsor and joint venture partner Pensam Capital. These are mid-to-late-1980s-built communities that enjoy good locations and BH expects that they will perform very well after the completion of the planned capital improvements and implementation of enhanced marketing and management programs. The property is being purchased per unit with all-in costs budgeted. Paces River I & II is under contract with an additional per unit for renovation.
Lakes of Mayport is a 216 unit apartment community located in Atlantic Beach, Florida, a community situated in the eastern portion of Jacksonville. Positioned just off Mayport Road, Lakes of Mayport enjoys convenient access to the northern Jacksonville beaches and is only two miles south of the Naval Air Station Mayport, representing the third largest naval facility in the U.S., employing 12,600 active duty personnel. The Property is also within a 25 minute drive of downtown Jacksonville.