01 Oct 2017

Rockledge Villas Transaction

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Rockledge Villas Apartments was one of our most recent transactions. This 90-unit complex located on the Rockledge Golf Course was purchased in early 2015 for  $3,700,000. After an overhaul on tenancy and management, increasing economic occupancy, and extensive repairs and renovations, the monthly income escalated nearly 17% and NOI 65% by the time it was sold in the fall of 2017 for $6,250,000. The property was managed by ESO for almost three years before it was determined that it was to the investor’s’ advantage to sell. With each transaction we weigh the pros and cons of when and if it is the right time to turn around a property in order to ascertain the best return for the investment.  Although this was a short endeavor for ESO and its partners, it was one of many profitable transactions for  us.