Canopy Creek Apartments is made up of 288 deferred-maintenance and non-upgraded units located in the Jacksonville, FL market. We were able to purchase this property off-market, leveraging the sponsor teams cash to secure the property nearly $1 Million below the matching-comparable. Construction will be executed on this project by a contractor that has worked with the sponsor team on multiple past deals. Rents will then be pushed $160-$345 on renewals to catch up to market rents. It will begin to reposition from a C class property to a B class property.
Project Sources: $33,134,622
Project Timeline: 5 Years
Projected Returns: 8% preferred return yearly / Projected 18% IRR
Projected Equity Multiple: 1.9x
Location: Jacksonsville, Florida