US - Jacksonville, FL
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire 246 condominium units out of 361 total units (68.1%) within Palmera Pointe (the “Property” or the “Bulk Condo Offering”), a garden-style community located adjacent to the Westshore Business District, Tampa Bay’s largest employment market, and the region’s most prominent retail destination. Currently held in receivership following a partnership dispute, the Property offers the opportunity to enhance cash flows through a variety of avenues, including enhancing the Property’s exteriors and amenities, continuing a proven interior renovation program to generate substantial rent premiums, acquiring additional units at a favorable basis, improving operational efficiencies, and taking advantage of recent 20%+ lease increases.
Built in 1974 with concrete block construction on the first two stories, the Property differentiates itself with some of the largest floorplans in the Tampa market averaging 1,109 sf across the unit mix, which includes townhome-style units and four-bedroom units. The Property’s variety of unit types allows it to cater to a variety of potential renters, from families to young professionals. Residents also have access to three pools, a fitness center, a large clubhouse for hosting parties, and a recently installed playground.
Current Ownership is in the midst of an interior value-add program where they have been installing stainless steel appliances, kitchen backsplash, and refinishing the countertops. Units at the full renovation level have been achieving an average of $100 premiums over the non-renovated units, with management suggesting that rents could be increased hundreds of dollars further. The Property also has roughly ⅔ acre of vacant land that could be used to develop a dog park and various other outdoor amenities.
The Property’s proximity to the Westshore Business District serves as a major demand driver ensuring a constant stream of tenants. The District is home to over 102,000 employees and major companies including Amgen, Bloomin’ Brands, and PWC. The Westshore District stands as one of Tampa Bay’s true live-work-play destinations with 18.2 million square feet of office space, 9 million square feet of retail space, and 8,000 hotel rooms. Businesses, retailers, and residents alike are drawn by Westshore’s strategic, centralized location at the junction of I-275, the Veterans Expressway, and the Courtney Campbell Causeway, providing convenient access from nearly anywhere in the entire region.