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Cadence

CASE STUDY

Property Summary

Location: Florida

Affordable Housing Program: State specific

Units: 291 units across 11 buildings

Lot size: 13 acres

Cadence CS photo.jpg

ACQUISITION STORY

  • Brand new, Class A building from well respected merchant developer.

  • Reduce rents to reposition the property as workforce housing.

  • Take advantage of newly created state specific workforce housing legislation.

  • Market leading amenities, priced below the competitive subset.

  • Located in one of the most desirable suburbs in Florida, rated as the best place to raise a family by niche.com.

  • Top rated school system.

MANAGEMENT PLAN

  • Improve housing outcomes for individuals by reducing rents. Class A housing at Class B rents.

  • Maintain strong occupancy (95%+) and reduce turnover by providing best-in-class housing at attainable rent levels.

  • Provide moderate-income residents access to highly affluent suburb with excellent schools.

  • Implement proactive maintenance program and bring in institutional management.

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