The sale of the apartment community is a mutual win for local entrepreneur,Eric Baird, and residents seeking access to quality, affordable housing in Florida.
APOLLO BEACH, FL / JUNE 24, 2022 / Four years after buying an Apollo Beach multi-family community, a Sarasota-based entrepreneur, philanthropist, and real estate investor, Eric Baird, sold the majority renovated 66-unit property for $7.9 million valued at a 5.52% capitalization rate. The sale was roughly $4.5 million more than its purchase price by Baird in 2018.
The complex features 8 buildings featuring a unit mix of studios, 1bd/1ba, 2bd/1ba, and 2bd/1ba. Additional amenities include on-site parking for residents and guests, an on-site laundry room, and two onsite ponds. The complex was built in 1988 and was in desperate need of major capital repairs. The complex had never been renovated throughout its lifetime.
While owning the property, Eric Baird and his team worked to completely renovate nearly 85% of the units. The renovations consisted of all new drywall, modern vinyl flooring throughout, new AC units, brand new kitchen cabinets and appliances, a complete bathroom renovation, and major electrical repairs. Additionally, a full renovation was completed on the property’s onsite laundry room and landscaping improvements. A leasing office was also added to the property for tenants to have easy access to management. These renovations created a much better quality of life for the tenants and improved the family-friendly community.
While owning the property, the rents were increased from $500-$600 at the time of acquisition to market rates of $875-$1,125 a month, depending on the unit type, at the time of sale.
The complex itself has significant potential to accumulate value over the next ten years, making the overall complex an ideal capital investment with a dependable return. With the Tampa Bay area becoming one of the most desirable places to live in the country, suburbs like Apollo Beach are continuing to grow as commuter suburbs. The entire complex is nestled within Hillsborough County and has a population of approximately 14,000 residents. You can enjoy the quintessential Florida sunshine year-round, and you’re only a brief drive away from Tampa’s best beaches and entertainment. As a constantly growing and evolving community, Apollo Beach is filled with family-oriented activities and a close-knit feel. Living here allows you to enjoy the best of small-town living with conveniences close by. Located near I-75, movie theaters, beaches, and restaurants are all at your fingertips.
Eric Baird is the founder and CEO of the investment firm Baird Inc, which specializes in financing solutions to service the needs of small-cap and mid-market businesses. As part of the firm’s growing portfolio, it invests in under-utilized residential and commercial properties, helping communities grow and provide affordable housing in an increasingly competitive housing market.
For further details or inquiries, please reach out to Baird Inc.