Bulk Sale Properties
When SARTRE LLC was started this was the primary strategy we were using. Since 2009 we have bought and sold over 850 homes for a profit throughout the country using this bulk sale method.
The Miami Maddison
The Miami Maddison is a high rise condo complex in downtown Miami. This buidling was a bulk purchase opportunity where we were able to purchase 45 units at a deep discount all at once. Light renovations were completed on the units and we were able to sell the units at a great margin in a relatively short period of time.
In the beginning of 2010 we purchased and renovated 19 homes in the Cleveland area. Each home was hand picked and renovations were completed over the next few months. Although returns in this market can be healthy we decided that other opportunities like the quick turn properties in South Florida can provide greater returns more quickly.
Quick Turn Auction Properties
Since our inception, we have engaged in 176 transactions through our live auction platform as of January 2011. Sixty homes in eleven different states have been successfully sold for gross profits of 64.28%, while the remaining have been sold in Florida for even higher gross profits. The impressive sales results added to the short turn around times make this one of our favorite strategies and is why we are increasing our volume in this strategy currently.
The Enclave at Sabal Point
The Enclave at Sabal Point is a 170 unit apartment building in St. Petersburg Florida that was formerly a broken condo complex. The project was in disrepair needing renovations as well has having poor management. Since purchasing the project we’ve been able to complete renovations and fix the management issues so that we can increase net operating income. We’ve had great success already since purchasing this project and demand for units has exceeded expectations.
Hidden River Apartments
220 Units in Tampa Florida, the Hidden River apartment units are another great opportunity for a value add project. Many units need renovation and the complex needs new management in place. The Tampa rental market is very healthy right now and filling vacant units is occuring faster than projected in this project as well.
Lake Jasmine Apartment Buildings
The Lake Jasmine Apartments are located in Orlando Florida and there are 336 units in this project. We were able to purchase this property at a huge discount from a bulk note seller, who had bought the 17 million dollar note for a huge discount and sold the property to us for 4.6 million in December of 2010. This project provides a huge value add potential and we are already excited with the results that we’ve achieved so far in this project.