TUSCAN RESERVE APARTMENTS
PALM COAST, FL- 124units
Tuscan Reserve Palm Coast- Pool
Tuscan Reserve Palm Coast- Boardwalk
Tuscan Reserve Palm Coast- Pool Area
Tuscan Reserve Palm Coast- Pool
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CASE STUDY
Tuscan Reserve Apartments represents the inaugural Development project for Stoneweg US. Acquired with 16 existing units, 107 "ground up" units were constructed to the apartment complex, which is located in the growing Palm Coast metro located 30 minutes north of Daytona Beach. Summit Contracting Group led the construction which was completed in less than 12 months allowing for an aggressive lease-up strategy, resulting in full occupancy and stabilization in less than six months after following construction . The 124-unit community, constructed to Class A caliber with best-in class amenities, was officially listed for sale in early June of 2021 and sold in late August 2021 for an attractive $32.77MM.
RESULTS
$2.9MM
PURCHASE
PRICE
AUGUST 2021
DISPOSITION
DATE
$14MM
CONSTRUCTION LOAN
$32.77MM
DISPOSITION
PRICE
MARCH 2020
CONSTRUCTION KICKOFF
150.7%
IRR
JANUARY 2021
COMPLETION
DATE
4.07x
GROSS
MULTIPLE
124
UNITS
18 MONTHS
FULL INVESTMENT CYCLE
RESULTS
Purchase Price: $2.9MM
Construction Loan: $14MM
Construction Kickoff: March 2020
Construction Completion: January 2021
Units: 124
Disposition Date: August 2021
Full Investment Cycle: 18 months
Disposition Price: $32.77MM
IRR: 150.7%
Gross Multiple: 4.07x