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The Renaissance Apartments
@ Capital Circle

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
2.4 - 2.6
16% - 20%

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