UNDER CONTRACT
Bridgewater Pointe is a multifamily value-add investment opportunity located in Melbourne, FL, in Brevard County. The 100-unit concrete block property features an excellent unit mix with 100% of its units featured as two bed/two bath units. The units are extremely functional, well laid out large 1,150 SF units and each unit has an oversized screened in patio or balcony, full size washer and dryer in a large utility room and open floor plan. Bridgewater Pointe is comprised of fourteen buildings, built in 1987 with concrete block construction, concrete floors, and a pitched shingle roof. Two of the unique condo like features is that almost every unit has a wonderful view of the meandering lake with fountains that runs throughout this low density apartment community. There are currently three types of upgrades at the property: classic units (51), standard renovated (22) and premium renovated (27). There is a $296 rent premium from classic to fully renovated, with an opportunity to bring the remaining 73 units to a premium renovated level. A significant amount of capex has been completed to include exterior paint, clubhouse remodel, exterior lighting, signage, fitness center, pool furniture & fire pit and landscaping upgrades. Additional value-add opportunity exists in the ability to turn the rent roll and diminish the loss to lease that exists, implement a valet trash program and improve amenities by adding a dog park. Bridgewater Pointe offers an investor the opportunity to acquire a stable, high occupancy asset in a fast-growing Space Coast location. The property has many community amenities to offer including a leasing center, resort style pool with fire pit, fitness center and yoga room, business center, on-site laundry facilities and a central lake with lit-up fountains at night. With an investor having the ability to eliminate the loss to lease and increase rents coupled with overall market fundamentals continuing to improve, an investor can expect an increase in Net Operating Income in the short-term and capital appreciation in the long-term.
