Investment Highlights

• Strong Recent Operating Performance

  The Property continues to demonstrate impressive leasing performance, retaining more than 50% of recent expirations while achieving 3.0%+ effective trade outs on both new and renewal leases.

• Attractive, Well-Designed Community with Unique Features

  The Property boasts a variety of unique features that help drive continued tenant demand, including nine-foot ceilings, modern resort-style amenities and clubhouse space, large screened-in patios/balconies, ample parking with optional detached and direct-access attached two-car garages, lake and preserve views, and a variety of functional floor plans, including townhome units.

• Upside Potential Via Continuation of Proven Unit Renovation Program & Mark-to-Market Opportunity

  249 units (65% of total) have been fully renovated, yielding rent premiums of approximately $180 per month versus units with “classic” finishes (61 units, 16% of total) and $100 per month versus units with partial / legacy renovations (71 units, 19% of total). As a result, a new investor has the opportunity to continue this proven value-add program to unlock additional upside through light upgrades to the remaining “classic” and partially renovated homes (132 units, 35% of total). Furthermore, thanks to favorable submarket fundamentals, rents continue to grow, as evidenced by favorable recent trade-outs, which have averaged effective increases of over 3.0%.

• Boasting a Best-in-Class, Master-Planned Community Location Central to Tampa Bay’s Largest Employment Nodes

  The Property is located within Brighton Bay, a master-planned residential community with manicured streets and amenities, and it boasts convenient access to Tampa Bay’s largest employment nodes, including Gateway (5 minutes, 9+ million office square feet), Downtown St. Petersburg (10 minutes, 4+ million office square feet), and Westshore (15 minutes, 20 million office square feet). Located at the doorstep of the Gateway office market, Pinellas County’s largest employment market, the property benefits from convenient access to some of the region’s leading employers, including Raymond James and Jabil.

• Located in one of the Tampa MSA’s Best-Performing Multifamily Submarkets

  As Florida’s most densely populated county, Pinellas County exhibits some of the highest barriers-to-entry for new supply in the State. Lack of available sites for garden-style development and St. Petersburg’s affordability restrictions on new developments going forward pose significant limitations to new supply. Meanwhile, the area continues to attract strong renter demand due to its access to many of Tampa Bay’s largest employers as well as the beaches and cultural activities. As a result of these factors, the scarce amount of new supply in the submarket has leased at impressive rates, with new communities such as Marlowe Gateway achieving rents of $2,700 / $2.65 PSF, and CoStar projects continued average rent growth of over 3.0% per annum through 2030.