Our business plan consisted in purchasing the property by acquiring the distressed loan and finalizing the last stages of the foreclosure process. After that, we renovated and fully furnished all the units with furniture, appliances, linen, towels, kitchenware, etc.
We rented most of the units as “crashpads” for American Airlines pilots and flight attendants who needs to stay in Miami several days during the month between flights. We provided a free shuttle connecting the building to the Airport for their convenience.
The community has secured free parking, gated access with remote control, oversized swimming pool with solarium, fitness center, BBQ area, volleyball field, magnetic card entry and elevator.
We stabilized the property and increased the Net operating Income 120% through this creative business plan, finding a niche that allowed us to charge much higher rents than all the rest of the rental apartment buildings in the area.
We resold the property in November 2015 for a record sales price, 60% higher than our purchase price 4 years earlier, delivering to the investors very high rates of return on their investment.