Oasis @ Clearwater
Location – Clearwater, Florida
Purchase Date – February, 2021
About The Project
Oasis @ Clearwater consists of 76, 1 bedroom, 2 bedroom and 3 bedroom units located in Clearwater, Florida. The property was acquired through a local broker and had been on the market for many months. Covid-19 was at its peak during this time which scared off other investment groups.
The Challenge
The investment company that owned Oasis @ Clearwater was based out of the country and they had let the property fall into disrepair. Many tenants weren’t paying their rent and the deferred maintenance issues were severe and needed to be addressed immediately.
What We Did
We negotiated a $6.85mm purchase price to buy Oasis @ Clearwater. Upon acquisition, we got to work right away. We painted the exteriors, removed non-paying tenants, fixed the pool and renovated the interior units with new fixtures and vinyl plank flooring. We increased the curb appeal of the property substantially.
The Outcome
After dealing with the deferred maintenance and renovating the interiors and exteriors, we were able to grow net operating income substantially. We completed our business plan in a short period of time so we decided to accept an offer to sell the property for $12.5mm in October of 2022.
Investor Returns for The Bethlehem Portfolio
Cash on Cash – 8%
Average Annual Return – 41%+
Internal Rate of Return – 43%