801 Chestnut St, Clearwater, FL 33756
$ 0 M USD
$ 0 K USD
Renovation to interior exterior of the property
business plan & results
The property required light interior renovation of empty units, recycling the current rent roll, and improving bad debt due to poor management. The property was successfully stabilized and put up for sale.
site & Project
The site consisted of 208 apartments 55+ active-adult community, situated in 2.31 Acres in Clearwater, FL. The existing tower rises prominently among the Downtown Clearwater skyline, spanning 17 stories and offering breathtaking views of the sun setting over the world-renowned Clearwater Beach.
Downtown Clearwater offers the best of the Florida lifestyle with a number of popular dining and nightlife destinations, eclectic stores and galleries, and immediate access to the #1 ranked beach in the U.S. Combined with 3 million square feet of office space within the urban core, the Property boasts a “Very Walkable” and “Very Bikeable” rating from WalkScore.com. Despite its desirable surroundings, Downtown Clearwater has historically been overlooked for rental housing with just 497 units delivered in the past 45 years within a three-mile radius of the Property, creating a huge supply/demand imbalance and providing significant landlord pricing power.