Eastern Region

Laguna Bay Apartments

Address: 2602 Fountain View Circle, Naples, FL
Units: 456 | Date Purchased: May 2008

Deerfield Apartments

Address: 1171 Lane Avenue South, Jacksonville, FL 32205
Units: 256 | Built: 1989 | Date Purchased: August 2013

Eastport Apartments

Address: 11701 Palm Lake Drive, Jacksonville, FL
Units: 440 | Built: 2008 | Date Purchased: September 2011

Beach Club

Address: 2803 West Sligh Ave., Tampa, FL 33614
Units: 200 | Built: 1979 | Date Purchased: MARCH 2012

Oak Grove

Address: 13901 North Florida Ave., Tampa, FL 33613
Units: 200 | Built: 1984 | Date Purchased: MARCH 2012

Sun Bay Apartments

Address: 7001 Aloma Ave., Winter Park, FL
Units: 195 | Built: 1974 | Date Purchased: October 2011

Hunters Way

Address: 10101 Arrowhead, Jacksonville, FL
Units: 200 | Built: 1974 | Date Purchased: May 2011

Executive Summary:
Hunters Way is located in an “A” submarket of Jacksonville, FL called Mandarin. The previous owner was a pension fund advisor for Ohio State Teachers who maintained the property for over 10 years at 95% to 100% occupancy. However, as a highly institutional owner, their operational expenses were far above market levels allowing SRC to immediately realize significant savings by adjusting expenses to market and maintaining the stabilized occupancy creating high cash flow returns upon acquisition. The Seller also spent a significant amount of capital in all the interiors of the units making them the highest quality of its age range. Therefore, SRC added value by focusing on upgrading the exteriors and the general amenities. SRC has completed capital items such as: new two tone exterior paint, new irrigation well system, new pool furniture, new business center, new roofs on select buildings, new landscaping, new monument signage, upgraded leasing office and a new dog park.

River Gardens Apts

Address: 4009 N. Howard Avenue, Tampa, FL 33607
Units: 218 | Date Purchased: January 2011

La Esperanza Apartments

Address: 5900 Park Hamilton Blvd, Orlando, FL 32808
Units: 330 | Date Purchased: September 2010