WESTHAVEN URBAN RESIDENCES

WestHaven Urban Residences was an acquisition and rehab of a 1985-built two story apartment building located in an up and coming area north of Kennedy Blvd. near Westshore District. Versaggi Companies and its partner purchased the property and made numerous capital improvements including new flooring, new cabinetry, new stainless appliances, washer/dryers included, new paint inside and outside, landscaping, and added an outdoor BBQ grilling station amenity with free WiFi. The goal was to produce Class A finishes and obtain rental rates just below Class A rates. The outcome was that the rental rates were met or exceeded, and the property was sold within a 15 month period, providing the equity partners in excess of 2X their equity.