Villages Portfolio in Central FL

Constructed in 2000, The Villages portfolio consists of three properties in Clermont (Orlando MSA), Plant City (Tampa MSA) and Winter Haven (Tampa MSA).   The portfolio is encumbered with HUD debt and closed on March 19, 2009 (recapitalization of the partnerships sponsored by Alex Brown Realty) with Highpoint and Oculus Development, LLC.   The previous capital structure prevented much needed capital improvements.   Within 60 days of closing, an additional 80 units spread among all three properties were leased, dramatically increasing occupancy and collections.   A renovation and repositioning program began in May 2009 with a focus on project amenities and interior finish.   The clubhouse was substantially renovated to include a state of the art fitness center and club room.   Unit interiors are being renovated with new kitchen cabinetry and countertops, new flooring, fixtures and hardware.   Average rent premium is $75 per unit.