Properties

 

Park Lane Villa East Apartments, Santa Rosa, CA

Affiliates of Equity 24, LLC are sponsors and managing members of the investment entity that purchased this high-quality 100 unit apartment building that was originally constructed as condominiums. Equity 24, LLC’s affiliates also arranged new, low interest-rate senior debt from Freddie Mac and provided the necessary sponsorship including execution of the carve-out guarantees and fulfilled the financial net worth requirements necessary to obtain the financing. Equity returns would be 4 X total equity invested if sold at today’s value, and the property provides cash-on-cash returns in the high teens. Additional value may be added by converting some of the commercial space in the property to residential use.

Binks Forest Golf Club is an 18 hole championship golf course that once hosted a PGA tour event, with a 30,000 square foot banquet facility which has become one of the premier destinations in Palm Beach County for charity events, weddings, parties and gatherings. This project was purchased by an affiliate of the principal of Equity 24, LLC together with funds from an institutional (NYSE Listed) real estate investment company.  The property was purchased from a bank after being closed for 5 years. The golf course was redesigned and completely rebuilt, and the clubhouse and banquet facilities were also completely reconstructed. Shortly after reopening, the golf course was chosen as one of top 5 golf course redevelopments in the United States by Golf Inc. Magazine.

The Belvedere, Reno, NV

An affiliate of the principal of Equity 24, LLC formed and controls the entity that purchased 92 luxury residential condominiums at The Belvedere located in downtown Reno, NV. The condominium units were purchased at a tax deed sald and funded by a private investment group. The project is being operated as a for-rent property and will eventually be sold as individual condominiums.

 

The Manor at Binks Forest, Wellington, FL

The Manor at Binks Forest is a 90 unit luxury residential development project located in Wellington, FL. An affiliate of the Principal purchased the property together with funds from an institutional (NYSE Listed) investment company. Principals of Equity 24, LLC were largely responsible for project planning and oversight of the site plan approval process including coordinating and instructing the architects, engineers, and land planners and working with the city of Wellington. This project has been sold.

Beachside Apartments in Daytona Beach, FL is a 28 unit property that was in poor condition with a weak occupancy history when acquired in November of 2013. It was selected as a strong value-add opportunity because of its unique location in close proximity to the World’s Most Famous Beach, and in walking distince to employment centers, shopping and entertainment venues.  In only a few months it had been fully stabilized with new rents being achieved in excess of original projections. Through better management and implementation of a capital improvement plan and by updating apartment interiors, the property’s value has more than doubled the total acquisition and improvement cost. The property was refinanced in 2016 and investors pulled out 100% of the original investment. If sold today, the investors would experience a profit of more than 3 times the equity invested in the property. The property is technically generating an infinite cash-on-cash return, because the original investment has been returned, and over 30% annual cash-on-cash based on the total equity invested.

Beachside Apartments, a six unit apartment building located in Palm Beach Shores, FL. The property was substantially rehabilitated with both interior and exterior improvements, rents were significantly raised and the property was subsequently sold.

 

 

 

Americana Apartments, Lake Worth, FL

Americana Apartments; An affiliate of Equity 24, LLC purchased a non-performing Loan secured by a 20-unit apartment building located in Lake Worth, FL. It then acquired title through foreclosure. The property was rennovated and brought to full occupancy. It has been sold at a price far in excess of original projections yielding net sale proceeds of over 180% of the invested capital.