 |
Description
Mizner Court is a 23-unit apartment building with ground level retail designed by renowned architect Addison Mizner, after whom the building is named. Originally constructed in 1923, the property is located in the heart of the town of Palm Beach, FL three blocks away from a public beach. CREO purchased the 83% occupied property in May 2010 from a local investor.
Business Plan Summary
» The Town of Palm Beach is one of the wealthiest communities in the United States and as a result, lacks rental housing stock given the extremely high values that can be achieved with single family houses or condominiums. However, there is a demonstrated demand for quality residential rental properties as many workers on the island desire to be close to their place of business but cannot afford to own.
» The property is in an excellent location only three blocks from a public beach and across the street from the famed Breakers Resort.
» The property is in good condition overall but the residential units are in need of rehabilitation. CREO plans to refurbish each of the 23 one-bedroom rental units starting with the currently vacant units in order to bring rents and occupancy to a market level over time.
» A new property manager has been hired and a fresh marketing campaign will be implemented upon completion of unit improvements to ensure the highest level of execution of the business plan.
|
