Case Study

Tuscan Reserve

Tuscan Reserve Apartments, situated in Palm Coast, FL, was a fully entitled, shovel-ready multifamily development opportunity. The final product consisted of 123 units with generous square footage, best-in-class finishes, dynamic floor plans, and energy-efficient appliances, along with luxury external amenities, including a resort-style pool with multiple grilling stations, a top-notch fitness center, a bark park, and a picturesque gazebo that overlooked the property's lake and fountain.

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Overcoming Pandemic Challenges for Tuscan Reserve

  • Resilient Construction

    Amidst the daunting challenges posed by the pandemic, the steadfast construction efforts, spearheaded by Summit Contracting Group, assumed critical significance. This unwavering commitment to the project's timeline enabled a January 2021 completion, a staggering 100 days earlier than originally scheduled. Such achievement proved to be a cornerstone of success. The accelerated completion was more than a mere accomplishment; it was a pivotal moment that allowed Stoneweg US to embark on an aggressive lease-up strategy. This strategy, in turn, had profound implications.

  • Remarkable Lease-Up Success

    Achieving a 98% occupancy rate by April 2021 and surpassing proforma projections with monthly unit rental rates that exceeded expectations by approximately $75, represented more than just financial gains. It demonstrated adaptability, resilience, and the ability to seize opportunities, all the while providing quality housing to the Palm Coast community. These extraordinary feats underscored the importance of unwavering commitment, adaptability, and strategic thinking in the face of adversity.

We outlined a bold and strategic plan for Tuscan Reserve, leveraging the project's prime location, showcasing our team's development and design expertise, providing high-quality housing to the Palm Coast community, and ensuring attractive returns for our investors. The flawless execution of this plan was a collaborative achievement of which we are immensely proud.

Patrick RichardChief Executive Officer
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