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TUSCAN RESERVE APARTMENTS
PALM COAST, FL- 124units




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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
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