TAMPA, Fla., Dec. 30, 2021 /PRNewswire/ — Southeast Property Group ("SEPG"), an affiliate of 47 Capital Management, led by its Principles Richard Shuster and Joe Rubin, recently closed on a 92-unit multifamily property in Pinellas Park, FL located in Pinellas County. The property was purchased for $11M, or $119,565/unit on December 8, 2021 and comes just 4 months after closing on a 114-unit portfolio down the street from their new acquisition. The property will be re-branded to Fountains at Pinellas Park and is located at 4355 84th Ave N. SEPG has plans to implement a significant uplift with a renovation budget of approximately $1M. Updates to the exterior will include new roofs, exterior paint, parking lots, landscape and amenity enhancements. Interiors will be updated with vinyl flooring in remaining units, cabinets, counters, lighting, paint, low flow toilets and aerators, smart technology packages and privacy fenced in backyards.
"The property represents an incredibly attractive value-add opportunity in the heart of Pinellas Park, Florida. We look forward to successfully executing on the business plan and continuing to provide safe and affordable housing for our tenants." said Richard Shuster, Principal of Southeast Property Group.
"With the addition of this acquisition it furthers our footprint in the Pinellas County market and adds to our economies of scale" said Joe Rubin, Principal of Southeast Property Group. "As net migration continues to occur in the Tampa MSA, the demand for affordable, renovated units in the immediate area is at an all-time high which is pushing occupancy rates and rents through the roof."
According to Tampa Bay Economic Development Council, Tampa MSA, was ranked 5th in the nation with a total net migration of nearly 41,800 new residents, or 115 moving to the Tampa metro area every day in 2021. The population is expected to grow in Tampa in the coming years as well. A recent population study commissioned by the Tampa Hillsborough Expressway Authority predicts Hillsborough County population could grow up to 30% by 2040.
About Southeast Property Group:
Southeast Property Group (www.sepropertygrp.com) is located in Fort Lauderdale, Florida and its focus is to identify income producing multifamily properties in growing primary and secondary markets throughout the Southeast. SEPG seeks out deals that have strong in place cash-flow and either offer a value-add strategy or management and operational upside. Its goal is to maximize NOI and produce the highest return possible for investors while providing safe, well maintained affordable housing options for its residents.
By being immersed in the multifamily industry for over 15 years, their principals have a strong understanding of the target markets and have created deep relationships within the community. This is the core foundation of their business and because so, have access to many off-market, direct to seller deals.
Southeast Property Group’s strategic capital partners consist of family offices, high net worth individuals and LP investors with like-minded investment goals. As a relationship focused firm, they look to align themselves with select partners to enhance the long-term value of its portfolio.
SOURCE Southeast Property Group