Meet 30 West the MHN Excellence Gold in ‘Best Transaction’
- Mar 14, 2016
Bradenton, Fla.—Insula Cos. are privately held companies that excel in the acquisition, improvement, and management of Florida apartment communities. This year, the acquisition and subsequent sale of 30 West, a Gold winner in the MHN 2015 Excellence Awards Best Transaction Category, is an exceptional representation of how Insula Cos. accomplishes its goals.
The companies purchased the property, located at 2835 50th Ave. West and formerly known as Braden Lakes, for $14.3 million out of foreclosure in 2013. Built in 1986, the 264-unit property consists of one- and two-bedroom floor plans, with rent prices ranging from $850 to $915 per month. Through the foreclosure, the property suffered from a lack of capital reinvestment, which led to widespread deferred maintenance and neglect.
Upon acquisition, Insula strategically allocated more than $1.4 million to enhance curb appeal, improve common area amenities, and make multiple interior upgrades to residential units. The complete makeover included a name change and rebranding efforts, starting at the grand entryway with a dramatic new sign to welcome residents and guests. Insula then refurbished the clubhouse, added a business center for residents to use in the leasing office, and converted an unused sand volleyball court into a dog park.
For those looking to entertain or soak in the warm Florida sun, Insula updated the pool-deck area with shady sun sails and a grill station. Finally, the entire site was beautifully landscaped, as fresh paint and decorative panels reflecting the new brand were featured throughout. The result is a wonderful, new community with a 99.2 percent occupancy rate. In May 2015, Insula sold the property to a private investor for $25 million—$2 million over the target price.