Preliminary Investor Projections

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Net to Investor IRR with Condo Conversion Option: 34%  

3 Year Hold MOIC/Equity Multiple: 2X 

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Holding Period: Approximately 3 years

9% preferred dividend plus 75% of net profit upon disposition

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• $21,250,000 Acquisition price: re-negotiated with seller from $22,750,000

• Over $1,000,000 Capital Improvements to include:

  • Washer/Dryer and Dishwasher installations

  • Landscaping and Curb Appeal

  • Gated Entryways

  • Green Energy Upgrades to increase efficiency 

  • Property will offer rents that will be competitive to similar workforce housing properties in the market while being in one of the premier locations and offering a premium amenity package thanks to the free water park and free fitness center across the street.

  • After debt refinancing, up to 47 Units may be converted to condominiums, offering potential buyers the most reasonably priced opportunity to be a homeowner in the city of Naples.

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Subject Property Executive Summary

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Tidegate Capital is pleased to offer to Accredited Investors the opportunity to acquire membership interests in a strong value-add workforce housing property well located in the fast growing city of Naples, Florida.

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• Number of Units: 104 with the following unit mix: 67 one bedroom units and 37 two bedroom units

• Occupancy: 95-100% depending on monthly turnover

• Number of Buildings: 9, all two-story concrete block construction

• Roofs: New hurricane code roofs installed 2018

• Average unit  ≈ 625 sf

• Parking: 1 space per unit plus ability to charge for additional spaces

• All units are paying below market rents with significant upside

• The community presents an excellent opportunity as a result of its superb location in the vibrant and growing city of downtown Naples

• Proximity to downtown separates this property from competitors that are on the far side of the major interstate (75) and other major thoroughfares

• High traffic volume and extended travel time highlights the importance of well located properties in Olde Naples district and vicinity

• Over 4.5mm in CapEx has been spent by prior owner

• Easy access to downtown without the need for a car or entailing a long commute makes this a unique property, accessible for entry level white collar workers

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The proposition reflects an excellent opportunity as a result of its superb location in a vibrant and growing region in southwest, Florida.

 

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Time Horizon

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Jade at Olde Naples represents a "Value-Add Investment”, after initial CapEx renovations it is expected to produce growing cash flows over the projected 3 year holding period. 

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Surrounding Area

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• Naples population increases from approximately 100,000 people to over 124,000 each day as commuters come from all over Collier County to work in the area. Having a high Walk Score gives Jade at Olde Naples a competitive edge over similar properties located a few miles away.

• Nestled within the vibrant Design District of Naples, River Park offers a unique blend of urban living and natural beauty. 

• The Design District in Naples is dynamic and artistic, and known for its unique blend of creativity, culture, and commerce. Located in the heart of the city, the district is a hub for design enthusiasts, art lovers, and shoppers alike. 

• Key features include: art galleries, boutique shops, interior design studios, cafes and restaurants, art walks and events, and architectural landmarks. 

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Preliminary projections, subject to revision. Real Estate investing involves risk,

including the potential for complete loss of principal.