The Club at Charter Pointe Apartments, Jacksonville, FL

Size: 258 apartment units

Repositioning: From Class C to Class A-

Status: Interior Remodel

Projected Turnaround Timeframe: 3 years

Projected Financial Occupancy Increase: From 93% to 98%

In January 2018, Structure Capital purchased The Club at Charter Pointe Apartments, a 258 unit, Class C, apartment community. Due to absentee ownership and lack of capital in investment, the property had significant deferred maintenance including multiple life safety issues, extensive flooding throughout, and damage from Hurricane Irma. However, the primary structural components of the property were in good condition and the property sits on very attractive grounds with a private lake and island.

Despite the previous ownership problems, the onsite management team had managed to maintain a fairly stable occupancy. This has made the Initial Stabilization phase faster to complete. Structure Capital is currently supervising the three phases of a turnaround: Initial Stabilization, Interior Rehabilitation, and Exterior Renovation.

Immediately on takeover, Structure Capital resolved the flooding issues and life safety issues to improve the resident’s experience and protect from further property damage. Additional projects of the first phase are in process including the repair of the hurricane damage and the deferred maintenance to the grounds and property exterior.

Structure Capital was able to retain the qualified members of the existing onsite team and bring on additional qualified members to improve the property’s maintenance. By adding logistical support and systems to the management process, operations have greatly improved. With the proper support and capital investment, the team has worked diligently to improve operations and maintenance.

Club at Charter Pointe Apartments is currently a Class A- property operating at a 96%+ occupancy (net of remodels in progress). The Interior Rehabilitation phase is in process with the renovated units obtaining a very good premium and fast absorption into the local market.