North Pointe Villas
At purchase, North Pointe Villas was a challenged property and in sub-par condition prior to Crescent Sky’s acquisition. Additionally, the property was a broken condo which presented financing issues that many investors could not address. Crescent Sky priced the transaction with these challenges in mind, secured financing, and partnered with a local property manager to actively manage the property.
Crescent Sky quickly enacted a significant value add program across the property. Full renovations including new kitchen appliances, refurbished cabinets and countertops, new lighting and fixtures, full paint, new flooring, new bathrooms, and refinished showers were completed. North Pointe Villas was awarded Renovated Community of the Year 2021 by the North Central Florida Apartment Association
Location: Gainesville, FL
Business Plan: Value add to bring rents to market rates
Investment Type: Equity
Property Type: Garden Style Apartments