Equity Multiple Return
Property Type: Multifamily
Sold in Q1 2018 with ApexOne, Arbor Club is a 168-unit apartment complex located in Pensacola, FL. Built in 1986, the property features a mix of one and two bedroom apartments ranging from 690 to 1,010 square feet. Amenities at the property include a swimming pool, fitness center, clubhouse, laundry facility, lighted tennis court, and a bark park.
The multifamily center sits on about 8 acres of mature landscaping. It is located just 3 miles away from three colleges, 1.5 miles away from Pensacola International Airport, and has convenient access to I-10 and I-110.
Ashley Club and Arbor Club represent a two-property, 392-unit apartment portfolio value add investment. Shortly after acquisition, various clubhouse and common area upgrades were completed to enhance the property’s appearance. In addition, approximately 30% of the interior units were upgraded during the hold period. In total, nearly $1.5M was invested in capital projects to improve the property, resulting in a boost to net operating income and property value.