Ft. Lauderdale, Miami, West Palm Beach
South Florida's expanding population and job gains coinciding with rising anti-growth sentiment in the 1990s provided a compelling investment opportunity in well-located assets in select areas. In early 2000, Soundview principals tapped an existing relationship with a South Florida based real estate management company to acquire six buildings in three developments. The portfolios consisted of 270,000 square feet of Class B office and light industrial space. Through aggressive new leasing tactics, tenant retention and operational improvement programs, the partnership significantly increased inplace revenues and occupancies across the portfolio. The joint venture exited the investment by mid-2003, with Soundview principals generating an internal rate of return of 36.2 percent and nearly $6.9 million in profit on approximately $6.3 million in invested equity.
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