Mill Run is a garden-style apartment community located in the Gainesville, FL MSA. Gainesville ranked as a top 20 MSA for growth by Crescent Sky’s proprietary model at the time of acquisition. The property is a broken condo which presented financing issues that many investors could not address. Crescent Sky was able to overcome this hurdle and successfully secured financing.
CSC has partnered with a local property manager to actively manage the property. Crescent Sky has enacted a significant value add program across the property. Full renovations include new kitchen appliances, refurbished cabinets and countertops, new lighting and fixtures, full paint, new flooring, new bathrooms, and refinished showers.
Location: Gainesville, FL
Business Plan: Value add to bring rents to market rates
Investment Type: Equity
Property Type: Garden Style Apartments