Huntington Place

 

 

Huntington Place

Vero Beach, FL
Residential Subdivision

Purchase

The property consists of 145 lots; 121 are inside a secured, gated entrance and 24 lots are in a separate cul-de-sac immediately adjacent to the 121 lots. Similar to other TRG acquisitions, this property was developed by a previous development group but when the economy turned, the basis in the land was too high to stay afloat. TRG was able to acquire all 145 lots in bulk and obtain all developer rights to the community.

Value Creation

TRG implemented a community enhancement plan which will include improvements to the entrances, landscaping and the amenity center. This was a rare opportunity to acquire finished lots below replacement costs which has enabled us to sell these buildable lots to a homebuilder(s) in an ascending housing market in Vero Beach. TRG has a regional builder in place and is considering bringing in a second complimentary builder to the community.

Total Investment: $4,300,000
Projected Timeline: 56 months
Original Projected ROI: 38%
Revised ROI: 47%