Boot Ranch

Boot Ranch is a stabilized, 432-unit apartment complex located in Palm Harbor (Tampa), Florida.  The property, constructed in 1996, was 96% occupied at acquisition and consists of 17 residential apartment buildings and a clubhouse.  The prior owner invested more than $5 million in 2017-2018 to upgrade the building exteriors and common area amenities but did little to modernize the units’ interiors, which still feature 20-year old cabinetry, countertops, appliances, and flooring.  As a result, the property lags behind both newly constructed apartments that offer modern interior finishes and similar existing properties that have undergone recent renovations.  Boot Ranch was acquired alongside Providence Real Estate, a Chicago-based multifamily owner/operator that has acquired over 18,000 apartment units valued at over $1.4 billion since 1985.  Syndicated and Providence believe that the property can achieve higher rental rates and maintain strong current occupancy levels by completing needed capital improvements to the units’ interiors and implementing Providence’s best-in-class management practices for better expense management.