Acquisition of a 216-unit B Class Property in Jacksonville Bolsters Their Offerings

Los Angeles, CA -- (SBWIRE) -- 12/06/2016 -- Over the past 5 years, Los Angeles-based Creative Realty Partners has acquired more than 3,200 multifamily units in Texas and Florida. Their latest is the acquisition of a 216-unit B Class Property in Jacksonville, Florida that will increase their units amount to 3,400. The company's value-add strategy has proven highly successful in these markets and they see great potential for value creation in the Jacksonville market. In the wake of this proven strategy, CRP will implement exterior and interior improvements to produce substantial rent growth. Exterior upgrades include landscaping, painting and refreshing of building exteriors. The residential units will also be upgraded to include new appliances, kitchen cabinet refacing, and faux-wood flooring, among other improvements.

In addition, CRP's value-add strategy also includes:

-Increasing utility bill-back
-Implementing a water conservation program
-Decreasing repairs and maintenance costs
-Reducing vacancy, bad debt and concessions, healthy cash flow

CRP focuses on areas with high economic growth, strong employment centers, low vacancies, high rental growth rates and unit-enhancement opportunities. The Jacksonville market has been exhibiting healthy growth as the city recorded a $71.9 billion economy at the end of 2015, a 5.5% growth from the previous year. Estimated household income is about $47,424, higher than the Florida average ($46,036). Jacksonville is an important transportation hub with deep-water ports that rival New York as one of the top two vehicle handling ports in the nation. It is also the hub of seven major highway shipping corridors with direct connection to other major cities in the US. Jacksonville remains an attractive city for expanding companies due to its abundance of workers due to in-migration, natural growth, reasonable cost of living, and a business-friendly environment.

The unemployment rate in Jacksonville has been continuously declining in recent years. As of May 2016, the unemployment rate of the city was 4.1%. Jacksonville's unemployment rate is also below the state average of 4.7%. Rental rates have been exhibiting strong growth in the Jacksonville multifamily market. In 2016, the effective rental growth rate is expected to outpace inflation at 4.6 percent to $917 per month. This also posts higher than the U.S. year over year change of 3.4%.

About Creative Realty Partners
Founded in 1994, CRP is a privately-held real estate investment and advisory firm that employs a value-add investment strategy. Creative Realty Partners offers a full-service national real estate investment platform, with a successful and consistent performance history and attractive returns on investments. With offices in Orange County and Los Angeles, the real estate team at Creative is spearheaded by its founder Maurice Benitah, who brings along 35+ years of real estate experience. During the past five years, CRP has acquired in excess of 3,200 multifamily units and currently holds about 3,400 units in its portfolio. Investments typically range between 100 and 400 units.

www.creativerealtypartners.com
888-314-6837

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

5.64 Acre Property Benefits From a Strong Location with Close Proximity to Walt Disney World and Universal Orlando

Los Angeles, CA -- (SBWIRE) -- 10/11/2016 -- Creative Realty Partners is pleased to announce the acquisition of the 130-unit Villas at 17Th Apartments in Kissimmee, FL, a submarket of Orlando within Osceola County. With this latest acquisition, CRP has further expanded its portfolio in the Florida market. CRP's strong track record and growing relationships in the Florida market allowed the company to purchase the property for 10% below the initial asking price.

Located at 1701 North Central Avenue, Villas at 17th was built in 1978 and consists of five one and two-story buildings. The 5.64-acre property is a beneficiary of a strong location that continues to improve over time. The property is situated in a transit-oriented location with close proximity to the region's multitude of amusement parks, including Walt Disney World Resort and Universal Orlando Resort.

"I know I speak for all of us here at Creative Realty Partners when I say we are very excited about this acquisition. We truly believe this is a unique community in a great submarket," explained Senior Vice President Jonathan Benitah. He continued, saying "We are eager to implement our value-add strategy immediately and produce positive results.

Villas at 17th enjoys high occupancy and consistent financial performance. CRP plans to invest approximately $250,000 in capital to improve the asset. The company will make extensive capital improvements to the landscaping, amenities and exteriors as well as interior upgrades.

Similar class upgraded properties within a 2-mile radius of Villas at 17th are achieving rents 22.8% higher than the subject property. CRP plans on increasing rents as well as increasing utility bill-back as the capital improvements are implemented. The company's management team has hit the ground running and have already begun introducing CRP's signature style at the property.

About Creative Realty Partners
Founded in 1994, CRP is a privately-held real estate investment and advisory firm that employs a value-add investment strategy. Creative Realty Partners offers a safe national real estate investment platform, with a successful and consistent performance history and attractive return on investments. With offices in Orange County and Los Angeles, the real estate team at Creative is spearheaded by its founder Maurice Benitah, who brings along 35+ years of real estate experience. During the past five years, CRP has acquired in excess of 3,000 multifamily units and currently holds about 1,400 units in its portfolio. Investments typically range between 100 and 400 units.

www.creativerealtypartners.com
888-314-6837

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm