POSITIONING A SHINING LIGHT IN PONTE VEDRA APRTMENT LIVING.
THE PROJECT: In August 2012, Catalyst Development Partners sponsored a joint venture to recapitalize and acquire Soleil Apartments, a 240-unit garden style apartment community, located in Ponte Vedra Beach, FL. The location of the community is highly desirable among young professionals and beach seekers, as the property is less than 1-mile from the Atlantic Ocean, in one of the most affluent zip codes in the US.
THE CATALYST: Upon acquisition, the Soleil community was completely revitalized including exterior finishes, common area renovations and interior model units. Comprehensive renovations included updated monument sign, whole-property exterior paint work, fitness center upgrades, addition of a dog park, interior renovations to select units - upgraded kitchen cabinets, new appliances, new counters and lighting package, added cabana lounge to pool area and resurfaced pool deck. Additionally, Catalyst brought in a new property management resource to effectively support existing residents with improved prospect marketability.
THE RESULT: With a refreshed brand, completed renovations, property upgrades, and sustained rent growth for nearly 3 years, Catalyst Development Partners sold Soleil in April 2015.