Three Kings

Located on a highly trafficked street in North Miami, Three Kings comprises three separate buildings in a densely populated neighborhood with strong demand for affordable rental apartments. After years of decline, this area was experiencing a resurgence as a desirable residential community.

At the time of acquisition, Three Kings was severely mismanaged and in disrepair. Many tenants were not paying rent, and those who were did so at below market rates. Despite the neighborhood's upward trajectory, the property itself remained plagued by the deterioration that had previously defined the area.

Upon purchasing the asset, C-REV immediately initiated repairs and renovations, focusing on attracting creditworthy tenants who paid on time and at market rates. C-REV collaborated with city officials to address necessary remediation, bringing the buildings up to code and enhancing the overall property condition.

Leveraging its professional management expertise and organized bookkeeping, C-REV transformed the asset into a high-performing investment. Not only did the property achieve a significantly higher rate of return compared to when it was acquired, but its financials were also meticulously organized. These factors are critical when liquidating an asset; well-maintained properties with transparent financials command significantly higher prices from potential buyers—an approach C-REV applies to all assets under its management.

After 6 years of ownership, C-REV successfully sold the property for $10,125,000, reflecting an increase of $5,225,000 from its original purchase price of $4,900,000.