Value-Add Multifamily
Plaza Gardenia
Vantage Capital Partners acquired a 108-unit multifamily complex located at 1330 W. 29 Street, Hialeah, FL to add to our portfolio in the area along with the Casa Gardenia property. We implemented a value-add program including a significant exterior and interior renovation and re-branding of the property. The project is currently stabilized having achieved significant increases in gross revenue and net operating income since acquisition.
Gulfstream at Dania Beach
Sponsored the acquisition of the Gulfstream Apartments, a 96-unit affordable housing complex in August 2021 for $8.9 million. The property has an existing LURA agreement in place and is in its extended use period. Vantage integrated a value-add program consisting of renovations and rebranding to breathe new life into a tired property that was achieving below max rents and had excessive vacancy. We were able to get the property to 100% occupancy at max rents under the affordable program within a year of acquisition.
Casa Gardenia
Vantage Capital Partners sponsored the acquisition of a 24-unit multifamily complex located at 805 West 30th Street in Hialeah and implemented a value-add program. The business plan to renovate and re-brand the exterior of property resulted in significant increases in gross revenue and net operating income.
Lakeside Townhomes
Acquired a loan collateralized by 41 out of 51 townhouse units, 4 single family houses, and six vacant lots in Miami Gardens. Worked out a settlement with the borrower to take title to the collateral and subsequently implemented our value-add strategy through effective management and selling off the individual pieces one at a time to maximize exit value and restore the community to its original intent of being occupied by homeowners. The investment yielded investors a ~5x equity multiple over a seven-year hold period.
Magnolia Apartments
Vantage Capital Partners sponsored the acquisition of Magnolia Apartments, a 40 unit multifamily in Melbourne, FL in 2019 for $2.3 million. The property underwent a value-add Cap-Ex plan to renovate units and increase rents, after which it was sold for $3.9 million in 2022. This leveraged investment generated an IRR of 40% and an equity multiple of 2.67x for the equity investors.
Development Projects
Dania Beach Opportunity Zone
Vantage Capital Partners sponsored the acquisition a multi-folio assemblage at 501-518 W Dania Beach Boulevard as a covered land play through an opportunity zone fund vehicle. The approximately 3/4-acre site consists of a pair of duplexes and a commercial building and is down the road from our Gulfstream at Dania Beach apartment complex. We are currently working to remediate an environmental issue on the site and to design an attainable housing development project which would benefit the surrounding community and be accretive to our investment in the Gulfstream at Dania Beach apartments.
Palm Grove Townhomes
Sponsored acquisition of development site located at the entrance to the historic Palm Grove neighborhood in the Mimo district in Miami. Designed and entitled a modern 15-unit boutique townhouse development project. Exited investment by selling to a local builder who is currently under construction on the project as conceived. Generated an IRR of 17% for the LP equity investors over a 5 year hold period.
Gardens on Valencia Townhomes
Purchase of distressed debt collateralized by a partially constructed project in Coral Gables. Worked out the loan with the borrower, took title to the collateral, and completed the construction and development of a 10-unit luxury townhome development in the heart of Coral Gables.
Marea Condominium
Purchase of distressed debt collateralized by a partially constructed project in Coral Gables. Worked out the loan with the borrower, took title to the collateral, and completed the construction and development of a 10-unit luxury townhome development in the heart of Coral Gables.
Apogee Condominium
Part of the development team for this South of Fifth condominium which set a new standard in South Florida for luxury and sales prices per square foot at the time it was built and remains one of the most desirable condominium buildings in all of South Florida.