FORT LAUDERDALE, Fla., Aug. 5, 2021 /PRNewswire/ — Southeast Property Group, an affiliate of 47 Capital Management, led by its Principles Joe Rubin and Richard Shuster, recently closed on a 5-property multifamily portfolio consisting of 114 total units in Pinellas Park and Seminole, Florida, located in Pinellas County. They purchased the portfolio for $10.55M, or $92,544/unit on July 15, 2021. The properties will be re-branded as Seminole Vista, Alpine Trace, Abby Glen, Park 15 and Park 29 with plans to implement a significant uplift with a renovation budget of approximately $1.9m. Updates to the properties will include new roofs, exterior paint, parking lots, landscape and amenity enhancements such as package lockers, dog park and canoe and kayak storage with direct access to the bayou. Interiors will be updated with vinyl flooring, cabinets, counters, lighting, paint and low flow toilets.
"With the lack of affordable, renovated units in the immediate area that serve the growing population and employment base of central Pinellas County, this portfolio presents a great opportunity to improve the overall condition of the assets and capitalize on the growing desire for people to work and live in Pinellas County," said Joe Rubin, Principal of Southeast Property Group. "This portfolio has been neglected for years and has major potential to provide safe and affordable housing to our residents and help uplift the neighborhoods they are located in."
It’s been rumored that a couple miles away from the properties, Amazon will be building a 100,000 sqft facility in the Gateway District and will be used as a last mile distribution center. The facility will create over 200 new jobs to the area. "Within a 30-minute drive time, all 5 properties in the portfolio have access to approximately 400,000 jobs and 40M sqft of office space," said Richard Shuster, Principal at Southeast Property Group. "Located in the most densely populated county in Florida, occupancy rates and rents will remain strong for the foreseeable future."
About Southeast Property Group:
Southeast Property Group is located in Fort Lauderdale, Florida and is focused on identifying 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 their residents.
SOURCE Southeast Property Group