Background:

The previous owner of Harbor Vista attempted to convert units to condominiums in the early 1990’s. Sales ceased due to the Owners' financial problems (as well as those of the associated insolvent financial institution that was taken over in 1996). SP acquired the asset in 1996 at the point when only 83 of the 272 units had been sold as condos.

SP operated the property as apartments while curing deferred maintenance items and improving the project’s overall position in the marketplace. SP then designed a plan to capture the first-time homebuyer by keeping total monthly payments near market rent levels and by embracing federal and state programs assisting first-time and lower-income buyers. After obtaining appropriate financing and engaging sales and marketing professionals, SP successfully implemented its plan to market the remaining apartments as affordable “for sale” condominiums.

Highlights:

• SP used their creativity and expertise to completely remarket the units to more suitable buyers to turn a failed project into a complete success.
• SP’s overhaul of the property targeted high impact property repositioning items including: new flooring, new kitchen appliances, new fixtures, new kitchen countertops, refinished kitchen cabinets, and new interior paint schemes.