The Renaissance Apartments
@ Capital Circle

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Exterior - Clubhouse Back of Building
Exterior - Clubhouse Back of Building

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Pax bought this former C, - 168-unit apartment community in Tallahassee, FL in mid-2017 and proceeded to invest all its experience from dozens of smaller apartment buildings as well as what it had learned from its hotels.  Today it is a best-in-class B+ property at 99% occupancy with rents up 35% and profits more than quadrupling since purchase. Bought for $8.9 million, the company invested nearly $7 million in improvements—including new plumbing, electric, HVAC, windows, roofs, and all aesthetic upgrades. The renovations have made the 45-year old property essentially newer than most properties built ten years ago. The result is $1.4 million in Net Operating Income slated for the coming year and unsolicited off-market offers recently made on the property suggesting an increase in market value of $7mm to $8.5mm over Pax’s total investment in less than four years.

Renaissance Apartments @ Capital Circle
Total Initial Investment (including capex)
Current Market Value
Gain on Asset Value to Date
Average Annual Cash Yields to Date
Projected Equity Multiple
Projected IRR

Purchased June 2017
$15,040,000 
$27,000,000 
79.5%
8.5%
2.4 - 2.6
16% - 20%