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In 2015, BIP acquired 88 of the 156 condominium units at University Village in Melbourne through an off-market transaction. During due-diligence, sponsorship determined that prior ownership’s strategy was focused more on tenant retention than on bringing units to market rents. Additionally, prior ownership had a significant student population (Florida Institute of Technology is less than one mile north of the property) with a heavily concentrated summer lease expiration schedule. BIP’s strategy included gradually increasing renewal and new market rates while also flattening out the expiration schedule, focusing on a more concentrated working professional tenancy, thereby reducing dependency on student tenants.

From 2015 to 2019, sponsorship focused on acquiring additional units to increase their overall position within the fractured association. In June 2019, after acquiring an additional 11 condominium units, sponsorship refinanced all 99 units with a new ten-year CMBS loan and was able to return a majority of the original invested capital to the partnership.

BIP’s longer-term hold strategy includes acquiring additional units, while continuing efforts to diversify the tenant base and increase NOI.