Casablanca Apartments, Tampa, FL

Size: 241 apartment units

Repositioning: From Class D to Class B

Status: Renovation Phase 2 complete

Turnaround Timeframe: 3 years

Financial Occupancy Increase: From 45% to 99%

Structure Capital, LLC purchased Casablanca Apartments, a 241 unit apartment community in December, 2014. Casablanca was a Class D property with significant deferred maintenance including most roofs in very poor condition. As a result of water intrusion 59 of the 241 units were completely uninhabitable. The property was also severely mismanaged with a very high turnover and bad debt in the double digits.

Structure Capital is currently supervising all three phases of the turnaround, Initial Stabilization, Interior Rehabilitation, and Exterior Renovation.  The first and second phases are complete, including the complete interior rehabilitation of all units. The third phase, Exterior Renovation, is currently in process with an expected completion by July 2018.

From the start, Structure Capital developed a highly-qualified onsite team to improve operations in both management and maintenance. The team worked tirelessly and brought property operations under control.

The result of the turnaround has been a rent increase of 27.42% for the new remodeled units with a very quick absorption in the market.

The turnaround of Casablanca Apartments has also had a notable positive impact on the local community. In late 2016, Casablanca Apartments was presented with the Tampa Innovation Alliance Corporate Change-Maker Award. This annual award is presented to a single company for notable contributions to the design, development, and assessment of innovative ideas to move the community forward.

Casablanca Apartments is currently a Class B- property operating at a 98%+ occupancy on an ongoing basis.