A 200-unit community in Bradenton, Florida, exiting its LIHTC decontrol period and converting to fully market-rate status. In-place rents sat meaningfully below comparable market-rate properties, with a projected per-unit rent premium achievable in the near term, and projected 5-mile population growth running many times the national average. The corridor had become one of the most active acquisition targets in the Southeast, and the OM needed to carry a rent-bump thesis grounded in a precise, credible comp set. This was a spread-format book - more information-dense than a standard deal package - requiring strong photography, layered demographic data, and a submarket aerial that made the location immediately legible to buyers underwriting from a distance.
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