Property Details
Below Market Rents  Repositioning Opportunity  NOI Growth 
Asset Profile
Value Add

LURIN: Park At Treviso Apartments (St. Petersburg, FL)

St. Petersburg, FL

Multi-Family Property
LURIN Dallas, TX
LURIN
  • IRR 32%
  • Equity Multiple 3.78x
  • Hold Period 5Y
  • Minimum Investment $50K
  • Year 1 Cash on Cash 0%
  • Stabilized Cash on Cash 13.19% Y3.5
  • First Distribution Apr 2025
  • Distribution Frequency Quarterly
  • Co-Investment 5% ($576K)
  • Preferred Return 9%
  • Investor Profit Share See Financials
  • Asset Profile Value Add
  • Loan-to-Value 73.06%
  • Current Occupancy 97%

About this Property

"Park at Treviso is a prime value-add investment opportunity in the most sought-after multifamily market in the country, St. Petersburg, FL. LURIN plans to use its in-house construction and property management teams to transform the asset into a desirable class-B+ property."

- Jon Venetos, LURIN

Property Address 5473 27th St S
# of Units 304
Square Footage 315,450 sq. ft.
Year Built 1972
Year Renovated N/A
Current Occupancy 97%
Market Occupancy 96%
Current Average Rent $1,157
Average Market Rent $1,676
Acquisition Price $63,250,000
Price/SF $200.50
Stabilized Loan to Value 61.39%

Top Questions

All answers are provided by the sponsor, LURIN, or its representatives.

 

Why are you buying this property?

Jon Venetos LURIN: "This acquisition represents an opportunity to acquire a Class C+ apartment community in St. Petersburg, FL, the 2nd fastest growing city in the USA and the #1 MSA for relocations. The property will represent LURIN’s 5th transaction in the Tampa Bay MSA and the 25th transaction in Florida. LURIN will use its in-house operations and construction teams to implement its business plan to transform the asset into a desirable class-B+ property through an extensive value-add strategy. By strategically repositioning the property, LURIN will market the property’s desirable location to bring rents and occupancy in-line with properties of similar vintage in the immediate sub-market."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Venetos, LURIN:

  • "Strong Market Fundamentals: The Tampa Bay market is currently one of the most sought-after multifamily markets in the country. Tampa Bay was ranked 5th in the country for relocations in 2021, continuing the trend for domestic population growth into business-friendly Sun Belt markets. Job growth in the market has been elevated during the pandemic with booming technology and financial services sectors. Homeownership has become less attainable, as Zillow forecasts home values will rise by 25% in Tampa in 2022. As homes become less affordable, more residents have turned to renting, continuing the strong demand for apartments in the area. Economic and population growth have led to a boom for multifamily, as historical and projected future rents are at all-time highs."
  • "Under-Capitalized and Mismanaged Asset: Current ownership has refrained from injecting significant capital into the asset, allowing deferred maintenance to develop while the interiors and exteriors of the property slip into obsolete condition. Interior finish outs have not been upgraded since construction (1972), and the exteriors and amenities are far inferior compared to nearby competitors. The property is self managed, and the existing management company has focused on maintaining occupancy instead of driving rent growth, resulting in the property’s rents lagging its comp set in the submarket by roughly $400-$500. LURIN will implement a full value-add program to modernize the property and institute formal operational practices to drive rent growth to market levels."
  • "Affordable Live-Work-Play Location: The Park at Treviso is located in south St. Petersburg, in the Great Pinellas Point neighborhood. Rents in south St. Pete are the lowest in the city, making the area an attractive and affordable option appealing to a variety of renters looking to live close to the heart of St. Pete. The property is only 10 minutes away from the region’s best beaches, such as St. Pete Beach, the #1 beach in the country & #5 beach in the world (Trip Advisor). South St. Pete sits directly along I-275, providing access to the entire metro. There are over 150,000+ jobs within a 20-minute drive of the community. Just five miles northeast of the community is downtown St. Pete, and only 20 minutes north along 275 is the Gateway Business District, home to three Fortune 1,000 headquarters. Given an A- score by Niche, the neighborhood is extremely desirable and characterized primarily by single-family homes and a very diverse population."
  • "Proven Track Record: LURIN has owned and operated 24 assets in Florida consisting of 4,909 units across five different markets (Tampa/ St. Pete, Fort Myers, Panama City, Fort Walton Beach, and Pensacola). LURIN manages and executes all renovations with its in-house construction and property management teams. LURIN has a proven track record of repositioning value-add properties throughout Florida, including two recent dispositions, The Lennox (34.5% Net IRR and 2.2x Net Equity Multiple) and Amelia at Westshore (102.4% Net IRR and 1.7x Net Equity Multiple).

     

    What is your investment strategy/business plan?

    Jon Venetos, LURIN: "LURIN’s business plan will be to transform the asset into a desirable Class-B+ property and improve on-site operations with its in-house operations and construction teams. LURIN’s renovation strategy will be focused on three key areas; i) interior upgrades, ii) exterior improvements, and iii) improving existing amenities and adding new amenities. LURIN believes its value-add investment will yield an average rental increase of ~$522 per month per unit. LURIN will be using its in-house construction teams for both interior and exterior renovations and is planning to invest $11.2M into Park at Treviso."

    "The business plan calls for a full rehab of all 304-unit interiors of the asset, upon which time LURIN plans to continue to operate the asset and distribute funds back to investors. The estimated timeline for this is planned to be between 24 and 30 months into the project lifecycle."

    "It is LURIN’S intention to pursue a refinancing of the asset between month 30 and 33. The refinancing will result in a tax-free distribution of LP capital, assuming normal market conditions. Post the refinancing, LURIN intends to continue to cash flow the asset, making quarterly distributions to investors until full monetization, which is expected by month 60."

     

    What are the risks and how are you mitigating those risks?

    Jon Venetos, LURIN: “Part of LURIN’s integrated platform is dedicated to risk management. The Risk Management Team focuses on mitigating risk at a corporate and property level. There are several potential operational risks associated with this investment, including, but not limited to: i) expiration of leases, ii) unexpected delays and/or cost overruns in construction, iii) due diligence may not reveal all underlying property conditions, iv) financing and refinance risk, v) interest rate risk (mitigated by purchasing an interest rate hedge), and vi) general local market risk for St. Petersburg, FL. LURIN believes these risks are mitigated through its integrated platform, which controls construction and operations. Additionally, LURIN engages third party consultants to individually insure each property against unforeseen circumstances, such as hurricanes, ensuring its coverage is the best possible from all angles including storm damage and/or business interruption insurance.”

     

    NOTE: All answers provided by the sponsor, LURIN, or its representatives.

About this Property

"Park at Treviso is a prime value-add investment opportunity in the most sought-after multifamily market in the country, St. Petersburg, FL. LURIN plans to use its in-house construction and property management teams to transform the asset into a desirable class-B+ property."

- Jon Venetos, LURIN

Property Address 5473 27th St S
# of Units 304
Square Footage 315,450 sq. ft.
Year Built 1972
Year Renovated N/A
Current Occupancy 97%
Market Occupancy 96%
Current Average Rent $1,157
Average Market Rent $1,676
Acquisition Price $63,250,000
Price/SF $200.50
Stabilized Loan to Value 61.39%

Top Questions

All answers are provided by the sponsor, LURIN, or its representatives.

 

Why are you buying this property?

Jon Venetos LURIN: "This acquisition represents an opportunity to acquire a Class C+ apartment community in St. Petersburg, FL, the 2nd fastest growing city in the USA and the #1 MSA for relocations. The property will represent LURIN’s 5th transaction in the Tampa Bay MSA and the 25th transaction in Florida. LURIN will use its in-house operations and construction teams to implement its business plan to transform the asset into a desirable class-B+ property through an extensive value-add strategy. By strategically repositioning the property, LURIN will market the property’s desirable location to bring rents and occupancy in-line with properties of similar vintage in the immediate sub-market."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Venetos, LURIN:

  • "Strong Market Fundamentals: The Tampa Bay market is currently one of the most sought-after multifamily markets in the country. Tampa Bay was ranked 5th in the country for relocations in 2021, continuing the trend for domestic population growth into business-friendly Sun Belt markets. Job growth in the market has been elevated during the pandemic with booming technology and financial services sectors. Homeownership has become less attainable, as Zillow forecasts home values will rise by 25% in Tampa in 2022. As homes become less affordable, more residents have turned to renting, continuing the strong demand for apartments in the area. Economic and population growth have led to a boom for multifamily, as historical and projected future rents are at all-time highs."
  • "Under-Capitalized and Mismanaged Asset: Current ownership has refrained from injecting significant capital into the asset, allowing deferred maintenance to develop while the interiors and exteriors of the property slip into obsolete condition. Interior finish outs have not been upgraded since construction (1972), and the exteriors and amenities are far inferior compared to nearby competitors. The property is self managed, and the existing management company has focused on maintaining occupancy instead of driving rent growth, resulting in the property’s rents lagging its comp set in the submarket by roughly $400-$500. LURIN will implement a full value-add program to modernize the property and institute formal operational practices to drive rent growth to market levels."
  • "Affordable Live-Work-Play Location: The Park at Treviso is located in south St. Petersburg, in the Great Pinellas Point neighborhood. Rents in south St. Pete are the lowest in the city, making the area an attractive and affordable option appealing to a variety of renters looking to live close to the heart of St. Pete. The property is only 10 minutes away from the region’s best beaches, such as St. Pete Beach, the #1 beach in the country & #5 beach in the world (Trip Advisor). South St. Pete sits directly along I-275, providing access to the entire metro. There are over 150,000+ jobs within a 20-minute drive of the community. Just five miles northeast of the community is downtown St. Pete, and only 20 minutes north along 275 is the Gateway Business District, home to three Fortune 1,000 headquarters. Given an A- score by Niche, the neighborhood is extremely desirable and characterized primarily by single-family homes and a very diverse population."
  • "Proven Track Record: LURIN has owned and operated 24 assets in Florida consisting of 4,909 units across five different markets (Tampa/ St. Pete, Fort Myers, Panama City, Fort Walton Beach, and Pensacola). LURIN manages and executes all renovations with its in-house construction and property management teams. LURIN has a proven track record of repositioning value-add properties throughout Florida, including two recent dispositions, The Lennox (34.5% Net IRR and 2.2x Net Equity Multiple) and Amelia at Westshore (102.4% Net IRR and 1.7x Net Equity Multiple).

     

    What is your investment strategy/business plan?

    Jon Venetos, LURIN: "LURIN’s business plan will be to transform the asset into a desirable Class-B+ property and improve on-site operations with its in-house operations and construction teams. LURIN’s renovation strategy will be focused on three key areas; i) interior upgrades, ii) exterior improvements, and iii) improving existing amenities and adding new amenities. LURIN believes its value-add investment will yield an average rental increase of ~$522 per month per unit. LURIN will be using its in-house construction teams for both interior and exterior renovations and is planning to invest $11.2M into Park at Treviso."

    "The business plan calls for a full rehab of all 304-unit interiors of the asset, upon which time LURIN plans to continue to operate the asset and distribute funds back to investors. The estimated timeline for this is planned to be between 24 and 30 months into the project lifecycle."

    "It is LURIN’S intention to pursue a refinancing of the asset between month 30 and 33. The refinancing will result in a tax-free distribution of LP capital, assuming normal market conditions. Post the refinancing, LURIN intends to continue to cash flow the asset, making quarterly distributions to investors until full monetization, which is expected by month 60."

     

    What are the risks and how are you mitigating those risks?

    Jon Venetos, LURIN: “Part of LURIN’s integrated platform is dedicated to risk management. The Risk Management Team focuses on mitigating risk at a corporate and property level. There are several potential operational risks associated with this investment, including, but not limited to: i) expiration of leases, ii) unexpected delays and/or cost overruns in construction, iii) due diligence may not reveal all underlying property conditions, iv) financing and refinance risk, v) interest rate risk (mitigated by purchasing an interest rate hedge), and vi) general local market risk for St. Petersburg, FL. LURIN believes these risks are mitigated through its integrated platform, which controls construction and operations. Additionally, LURIN engages third party consultants to individually insure each property against unforeseen circumstances, such as hurricanes, ensuring its coverage is the best possible from all angles including storm damage and/or business interruption insurance.”

     

    NOTE: All answers provided by the sponsor, LURIN, or its representatives.

Offered By

LURIN

LURIN

Dallas, TX

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Assets Under
Management

Currently
$2.1B 30+ assets
Exited
$735MM 10+ assets
Portfolio LTV
59%  
Historical
Realized Returns

Total IRR
40%  
Equity Multiple
2.1x  
Annual Cash
N/R  
Years Of
Experience

As Principals
5+ years  
In Business
7 years  
Size
90 Staff * Dedicated investor relations
* All information is reported by LURIN as of 6/14/2022.
Assets Under
Management

Currently
$2.1B 30+ assets
Exited
$735MM 10+ assets
Portfolio LTV
59%  
Historical
Returns

Total IRR
40%  
Equity Multiple
2.1x  
Annual Cash
N/R  
Years Of
Experience

As Principals
5+ years  
In Business
7 years  
Size
90 Staff * Dedicated investor relations
* All information is reported by LURIN as of 6/14/2022.

Financials

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Offering Financial

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Location Details

St. Petersburg, FL

Jon Venetos, LURIN: “Park at Treviso is located in south St. Petersburg, in the Great Pinellas Point neighborhood. Rents in south St. Pete are the lowest in the city, making the area an attractive and affordable option appealing to a variety of renters looking to live close to the heart of St. Pete. The property is only 10 minutes away from the region's best beaches, such as St. Pete Beach, the #1 beach in the country & #5 beach in the world (Trip Advisor). South St. Pete sits directly along I-275, providing access to the entire metro. There are over 150,000+ jobs within a 20-minute drive of the community. Just five miles northeast of the community is downtown St. Pete, and only 20 minutes north along 275 is the Gateway Business District, home to 3 Fortune 1000 headquarters. Given an A- score by Niche, the neighborhood is extremely desirable and characterized primarily by single-family homes and a very diverse population."

Documents

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Offering Agreement Documents

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