holly court apartments · available vacant units. naturally, with the numerous property...
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HOLLY COURT APARTMENTS
33 Unit Single Story Complex
“Holly Court Apartments,” like its name would suggest, has through the redevelopment efforts
of WLW Capital returned itself to a tranquil apartment community within the “Alliance District”
of the University of South Florida submarket. The apartment community consists of 19
one-bedroom single bathroom units and 14 two-bedroom single bathroom units.
WLW Capital is extremely pleased and excited to bring this totally revitalized apartment
community to market for our multifamily investors’ consideration. WLW Capital purchased
Holly Court Apartments approximately one year ago from local ownership that was struggling to
complete the many necessary improvements that were needed to make the Holly Court
Apartment complex resonate with its thoughtful name. After WLW Capital completed the initial
transaction with existing Holly Court ownership, WLW Capital immediately began
implementing the scope of work outlined during due diligence of the property; identifying in a
detailed manner the capital improvements that would be necessary to return Holly Court
Apartments to a vibrant apartment community for its tenant base and create an outstanding
multifamily investment property that would operate at its maximum revenue potential and
provide potential investors with a strong return on investment (ROI).
WLW Capital prides itself as the premier multifamily value add redevelopment group in
the Tampa Bay region. WLW Capital approaches each and every redevelopment project
in a twofold manner:
1. Redesign, upgrade, and improve the existing site and structure; and
2. Evaluate and improve the existing property management and tenant base. 1. Existing Site & Structure – WLW Capital utilizes its extensive redevelopment
expertise to apply a comprehensive value add approach to each and every one of its
multifamily properties. WLW Capital’s goal is to make every effort to ensure the
subsequent owner/investors will not have to address the need for any site improvements
or outsource structural upgrades and repairs for approximately 7-10 years. Holly Court
consists of 17 solid block one story buildings that are concentrated on a large 1.54 acre
site. The exterior of each building have been fully improved and the site has been
completely upgraded and transformed into a beautifully landscaped courtyard.
WLW has completed 100% of the apartment renovations on 17 of the 33 units within
the complex. The dramatic site and structural improvements to the Holly Court
complex have allowed management to increase rents to a solid $850 per month for the
one bedroom units and $950 per month for the two bedroom units. WLW Property
Management continues to receive numerous and continuous tenant requests for any
available vacant units. Naturally, with the numerous property improvements and
upgrades, tenant issues have been minimized and relationships with the property
management is at its highest level in years or ever.
The remaining capital improvements to Holly Court is the interior build out of the
additional 16 apartment units. The existing upgrades completed by WLW Capital to
the initial 17 units coupled with the total transformation of the surrounding site have
alleviated and minimized the risk associated with the value add investment. Based on
WLW Capital ownership and management of Holly Court to present date, subsequent
owner investors will benefit significantly from further increased rents as the remaining
units are improved and a corresponding increase in rental revenue is realized.
2. Tenant Base & Property Management – Holly Court, before WLW Capital took
possession, experienced numerous property management changes. Those constant
management changes, along with the property generally being in disrepair, created a
resultant lack of respect between management and tenants. Previous management did
not or was not able to dedicate the resources necessary to properly govern the property.
WLW Capital is prideful of its properties and expects its tenant base to treat its
property and the apartment community with respect. WLW Capital property
management scrutinizes potential tenants with detailed background checks. These
inquires include criminal arrest, domestic violence, etc. that have occurred within the
past five years. WLW Capital leasing/rental agents also complete tenant verification
with previous landlords for timely payment of rental responsibilities and community
behavior. Tenants must also confirm with bank records, employer documents/paystubs
they have existing income that is three times the monthly rent.
Holly Court Site & Structure Value Add Summary
After WLW Capital completed the Holly Court purchase in early April 2019, the first and
most critical aspect of the value add plan began. WLW Capital performed a large scale
site project wherein all existing sidewalks were removed, the surrounding site was cleared
and we then transported in and placed 20 dump truck loads of clean topsoil in and around
the structures.
We then re-graded the entire 1.54 acre site to remove all areas that previously
accumulated and held standing water, leveling the entire site with a sloping grade to make
sure water would naturally remove itself from the property in the future. We then included
16 underground drains to professionally and properly control the water removal from our
rooftop gutter system to further eliminate the presence of any additional water
accumulation.
These exterior property improvements were completed by WLW Capital in conjunction
with Tri-County Landscapes, Inc., Central Florida’s premiere landscape design
contractors. Once the water and soil issues were remedied, WLW Capital along with
Tri-County Landscapes undertook the reconstruction of new sidewalks throughout the
complex, new pavers to enhance the aesthetics of the property, and a paver courtyard for
the Holly Court tenants and their families to be able to gather together and have social
interaction. This feature alone has added significantly to our tenant waiting list.
To further maintain tenant and community privacy, WLW Capital constructed and
installed gates on both the east and west boundaries of the property. These gates were
accompanied by rod iron fencing and concrete (mason) columns with stucco caps to
enhance security and property aesthetics. The newly added gating and fencing along with
podocarpus hedging inside the property truly provides privacy to the complex that did not
previously exist. Of course, the detailed improvements did not come without significant
capital expense, as WLW Capital expended $165,000 to make this property a one of its
kind in its class. Our redeveloped properties are completed in a first class manner and the
product speaks for itself. To further ease the ownership and maintenance of the Holly
Court Apartments, WLW Capital has also taken the necessary steps and expended the
capital required to install a complete 19 video camera system providing continuous
property monitoring 24 hours a day from anywhere in the world. These cameras track
every activity taking place in the Holly Court complex. Each camera is mounted on a 15
foot high metal pole that removes them from easy accessibility and damage. The digital
online software that operates and controls the system is state of the art. Recordings are
documented and easily retrievable. The app can be downloaded on any smart phone. The
cameras act and provide a deterrent for poor tenant behavior and record any improper or
unlawful activities taking place on the property. The camera security system did require
WLW Capital to expend an additional $25,000 into the overall project, however, not only
will owner/investors benefit from reduced property and casualty insurance premiums,
security and daily knowledge of property activity will avoid the pitfalls of not being able
to be present when property ownership decisions need to be made. The video recording
system clearly adds to the bottom line value of our properties with property information
and activity constantly being made available to ownership and management. This system
is just one more example as to why WLW Capital is able to identify itself as West Central
Florida’s premier multifamily redevelopment group. When investors analyze a WLW
Capital multifamily project they can be assured our company has made every effort
possible to renovate and improve our properties to the best in their class.