TUSCAN RESERVE APARTMENTS
PALM COAST, FL- 124units

1/6

Purchase Price: $2.9MM

Construction Kickoff: March 2020

Construction Completion: January 2021

Units: 124

Disposition Date: August 2021

Full Investment Cycle: 18 months

Disposition Price:  $32.77MM

IRR: 146%

Tuscan Reserve Apartments represents the inaugural Development project for Stoneweg US.  Purchased with 16 existing units, 107 "ground up" units were added to the apartment complex which is located in the growing Palm Coast metro located 30 minutes from 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.  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.