We Closed Our 35th Deal, Wilton Pointe!
Freedom Family Office recently purchased Wilton Pointe Apartment Homes in Wilton Manors, Florida for $11,000,000 or $150,000 per door. The property is a 66-door apartment and a 7-unit commercial complex located in an attractive community that boasts good schools, progressive politics, and proximity to amenities and employers, all of which are attractive to young professionals. The apartment units are a mix from studio apartments to spacious 3 bedrooms which makes it unique to the market.
We partnered with Six Four Management, LLC as our asset manager. They are a real estate investment firm based in South Florida that has built or acquired $50,000,000 in real estate. Our property manager is Terra Equity Group, LLC led by Vino Kulhari, a seasoned real estate operator with thousands of units under management.
Although the previous owner invested significant capital upgrading the individual apartment units, there is still much that can be done to improve amenities and increase market value.
Freedom’s Business Plan
The current average rent is $1,050 which is $150-$250 lower than local competitors. We plan to increase the rents and improve the amenities as well as maintain the property better than the prior owner. We have a standard renovation package that includes white cabinets, new counter tops and flooring that will elevate the appeal of the units. We are targeting a higher income demographic, who are looking for a property that is clean, well run and friendly.
In this project, the projected investor IRR is 16% – of which more than half that return will come from quarterly distributions.
Like all our investments, our investors receive a K-1 which provides them depreciation deductions. As a result, the 8% to 9% expected distributions that they will receive annually will be non-taxable.
Freedom is committed to acquiring and developing workforce housing constructed in the 1970’s and 1980’s in growth markets. To learn more about passive investing in real estate visit us at www.InvestWithOurFamily.com.
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