Waterbury Lane - Tampa, FL - 320 Residential Units

This is a 320 unit apartment complex in Tampa, FL that we pulled out of.

We have a contractual obligation to buy the 320 unit complex sitting on near 15 acres about 15 minutes north of downtown Tampa. BUT with rising real estate taxes and insurance costs in the South Florida Real Estate Market, we have chose better to lose a negotiated smaller escrow deposit via a settlement with the seller rather than close on the transaction.

Not all deals work out unfortunately.

SMART business people also know when to "pull the plug" and not close rather than Close the Purchase Transaction and not sleep well trying to cover negative rental operating cash flows Post Closing.

Nonetheless, we had the apartment complex under contract for purchase with a Net Cost of $11,970,000. The appraisal came in at $14,700,000. BUT still we "pulled the plug" on the deal due to increasing expenses and tenant rental rates that were not rising fast enough to keep up with increasing operating expenses.

WE SPECIALIZE IN APARTMENT COMPLEXES THAT MAKE GREAT SENSE IN THE CONDO CONVERSION WORLD. BUT ULTIMATELY THE DEALS MUST MAKE SENSE TO OPERATE LONG TERM AS RENTAL BUSINESSES IN ORDER TO PROVIDE SUBSTANTIAL RETURNS FOR OUR INVESTORS IN THE CASE THE PROPERTIES DO NOT SELL RIGHT AWAY OR MUST BE HELD A BIT LONGER TERM FOR CONDO CONVERSIONS TO BE PERFORMED BY OUR BUYING GROUP AT A LATER DATE. FIRST AND FOREMOST, THE DEALS MUST OPERATE AS BEAUTIFUL RENTAL PROPERTIES."

The names on this page may have been switched to protect current owners of the project and/or the project itself