After three years of ownership, Halstatt Real Estate Partners has sold a portfolio of three value-add communities in Florida. The firm, along with GoldOller Real Estate Investments, sold the SunMeadows portfolio to an undisclosed buyer. Halstatt and GoldOller acquired the portfolio back in March 2019 for $58 million from McKinley Properties, according to Yardi Matrix data.
The portfolio totals 538 units and has high occupancy rates at each of the communities, according to Yardi Matrix data. Built in 1972, the 323-unit Aqua at Meadows is located at 3700 Windmeadows Blvd. in Gainesville, Fla., and offers one-, two- and three-bedroom units.
The Boulevard Apartments, located at 1757 S. Clyde Morris Blvd. in Daytona Beach, Fla., was built in 1986 and offers 96 units in two-bedroom floorplans. Also in Daytona Beach, the 119-unit Oasis Apartments was built in 1986 and offers one-bedroom units at 1250 Woodcrest Road.
Halstatt and GoldOller worked on a value-add capital improvement plan on all three communities that focused on enhancing the amenities and upgrading the resident accommodations. Steve Iannaccone, principal at Halstatt, said in prepared remarks that the value-add business plan included upgraded interior finishes and thoughtful renovations to the amenities.
ADDING VALUE AND REALIZING PROFITS
Iannaccone also said in prepared remarks that the disposition of the SunMeadows portfolio was Halstatt’s fifth multifamily realization in the last six months. In December, the firm sold a 308-unit apartment community in Jacksonville, Fla., after first acquiring it in September 2017.
While the latest dispositions have all been in Florida, Halstatt also looks for value-add and opportunistic projects in Texas and the Southeast. After identifying a community, the firm then partners with sponsors to develop a strategic business and capital improvement plan. While not a value-add acquisition, Halstatt is also working with Coastal Ridge Real Estate to develop a 247-home build-to-rent community in North Point, Fla., last month.