Equity Multiple Return
Property Type: Multifamily
Sold in Q1 of 2018 in joint venture partnership with ApexOne, Ashley Club is a 224-unit multi-family community built in 1986. The 9.56 acre site is located just 4 miles from Downtown Pensacola and is situated within close proximity to three colleges. Ashley Club is minutes from the water and amenities at the site include: swimming pool, hot tub, car care center, fitness center, lighten tennis court, bark park, and laundry facilities.
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.