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

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$2.9MM

PURCHASE
PRICE

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AUGUST 2021

DISPOSITION
DATE

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$14MM

CONSTRUCTION LOAN

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$32.77MM

DISPOSITION
PRICE

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MARCH 2020

CONSTRUCTION KICKOFF

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150.7%

IRR
 

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JANUARY 2021

 COMPLETION
DATE

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4.07x

GROSS
MULTIPLE

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124

UNITS

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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