{"id":1653,"date":"2022-08-30T01:20:54","date_gmt":"2022-08-30T01:20:54","guid":{"rendered":"https:\/\/entusiasmototal.com\/bayshore\/?page_id=1653"},"modified":"2022-09-28T02:23:42","modified_gmt":"2022-09-28T02:23:42","slug":"harvard-condominiums-2","status":"publish","type":"page","link":"https:\/\/entusiasmototal.com\/bayshore\/harvard-condominiums-2\/","title":{"rendered":"Harvard Condominiums"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1653\" class=\"elementor elementor-1653\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-779b93ce elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"779b93ce\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7ff3869\" data-id=\"7ff3869\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-645891b9 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"645891b9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2a1efbf\" data-id=\"2a1efbf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24064560 elementor-widget elementor-widget-image\" data-id=\"24064560\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.0 - 08-08-2022 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"74\" src=\"https:\/\/entusiasmototal.com\/bayshore\/wp-content\/uploads\/2022\/08\/Bayshore-Investment-Partners-harvard-condo-rentals-2.png\" class=\"attachment-large size-large\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c8151f elementor-widget elementor-widget-text-editor\" data-id=\"1c8151f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.0 - 08-08-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-family: Arial, Helvetica, sans-serif;\">In 2019, BIP was presented with a limited marketed fractured condo opportunity in Melbourne, approximately three miles from University Village. The opportunity consisted of 92 of the 112 units in the community. All units included the same spacious two-bedroom, two-bathroom floorplans.<\/span><br class=\"separator\" \/><br \/><span style=\"font-family: Arial, Helvetica, sans-serif;\">The limitations of the offering included the unavailability of historic operating financials. Furthermore, as sponsorship evaluated the opportunity and began negotiating a contract, occupancy was steadily decreasing to below stabilized figures. Therefore, obtaining a loan commitment from most lenders would be challenging.<\/span><br class=\"separator\" \/><br \/><span style=\"font-family: Arial, Helvetica, sans-serif;\">However, considering that BIP had four years of operating history with a competitive asset that was also a fractured condominium (Village at Melbourne) and had evaluated several other properties in Melbourne, sponsorship was able to underwrite the opportunity with its own data points. The lack of operating financials limited buyers\u2019 ability to compete in the acquisitions process of the asset, which resulted in a attractive opportunity for BIP to acquire Harvard Condominiums considering its track record and local knowledge of the submarket.<\/span><br class=\"separator\" \/><br \/><span style=\"font-family: Arial, Helvetica, sans-serif;\">BIP was able to leverage a strong lender business relationship and obtained a three-year floating rate loan, which would enable the partnership to stabilize the property and generate a history of financials with the goal of obtaining traditional fixed-rate financing in the medium term. With an occupancy level just under 70% at closing, occupancy was stabilized at 95% within the first six months of operations. Since closing on the property, BIP acquired an additional six units.<\/span><br class=\"separator\" \/><br \/><span style=\"font-family: Arial, Helvetica, sans-serif;\">In September of 2021 the asset was sold, generating net investor returns of a 50.19% IRR and a 2.43x equity multiple.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-e440b53\" data-id=\"e440b53\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6860488 elementor-widget elementor-widget-image\" data-id=\"6860488\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"512\" src=\"https:\/\/entusiasmototal.com\/bayshore\/wp-content\/uploads\/2022\/08\/growth-1.png\" class=\"attachment-full size-full\" alt=\"\" srcset=\"https:\/\/entusiasmototal.com\/bayshore\/wp-content\/uploads\/2022\/08\/growth-1.png 512w, https:\/\/entusiasmototal.com\/bayshore\/wp-content\/uploads\/2022\/08\/growth-1-300x300.png 300w, https:\/\/entusiasmototal.com\/bayshore\/wp-content\/uploads\/2022\/08\/growth-1-150x150.png 150w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9fdbc02 elementor-align-justify elementor-widget__width-inherit elementor-widget elementor-widget-button\" data-id=\"9fdbc02\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"#\" class=\"elementor-button-link elementor-button elementor-size-lg\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">LP INVESTOR RETURNS<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43ef456 elementor-widget elementor-widget-price-list\" data-id=\"43ef456\" data-element_type=\"widget\" data-widget_type=\"price-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor-pro - v3.6.5 - 12-04-2022 *\/\n.elementor-widget-price-list .elementor-price-list{list-style:none;padding:0;margin:0}.elementor-widget-price-list .elementor-price-list li{margin:0}.elementor-price-list li:not(:last-child){margin-bottom:20px}.elementor-price-list .elementor-price-list-image{max-width:50%;-ms-flex-negative:0;flex-shrink:0;padding-right:25px}.elementor-price-list .elementor-price-list-image img{width:100%}.elementor-price-list 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.elementor-price-table__after-price{display:-webkit-box;display:-ms-flexbox;display:flex;-ms-flex-wrap:wrap;flex-wrap:wrap;text-align:left;-ms-flex-item-align:stretch;align-self:stretch;-webkit-box-align:start;-ms-flex-align:start;align-items:flex-start;-webkit-box-orient:vertical;-webkit-box-direction:normal;-ms-flex-direction:column;flex-direction:column}.elementor-price-table .elementor-price-table__integer-part{line-height:.8}.elementor-price-table .elementor-price-table__currency,.elementor-price-table .elementor-price-table__fractional-part{line-height:1;font-size:.3em}.elementor-price-table .elementor-price-table__currency{margin-right:3px}.elementor-price-table .elementor-price-table__period{width:100%;font-size:13px;font-weight:400}.elementor-price-table .elementor-price-table__features-list{list-style-type:none;margin:0;padding:0;line-height:1;color:var(--e-price-table-features-list-color)}.elementor-price-table .elementor-price-table__features-list li{font-size:14px;line-height:1;margin:0;padding:0}.elementor-price-table .elementor-price-table__features-list li .elementor-price-table__feature-inner{margin-left:15px;margin-right:15px}.elementor-price-table .elementor-price-table__features-list li:not(:first-child):before{content:\"\";display:block;border:0 solid hsla(0,0%,47.8%,.3);margin:10px 12.5%}.elementor-price-table .elementor-price-table__features-list i{margin-right:10px;font-size:1.3em}.elementor-price-table .elementor-price-table__features-list svg{margin-right:10px;fill:var(--e-price-table-features-list-color);height:1.3em;width:1.3em}.elementor-price-table .elementor-price-table__features-list svg~*{vertical-align:text-top}.elementor-price-table .elementor-price-table__footer{padding:30px 0}.elementor-price-table .elementor-price-table__additional_info{margin:0;font-size:13px;line-height:1.4}.elementor-price-table__ribbon{position:absolute;top:0;left:auto;right:0;-webkit-transform:rotate(90deg);-ms-transform:rotate(90deg);transform:rotate(90deg);width:150px;overflow:hidden;height:150px}.elementor-price-table__ribbon-inner{text-align:center;left:0;width:200%;-webkit-transform:translateY(-50%) translateX(-50%) translateX(35px) rotate(-45deg);-ms-transform:translateY(-50%) translateX(-50%) translateX(35px) rotate(-45deg);transform:translateY(-50%) translateX(-50%) translateX(35px) rotate(-45deg);margin-top:35px;font-size:13px;line-height:2;font-weight:800;text-transform:uppercase;background:#000}.elementor-price-table__ribbon.elementor-ribbon-left{-webkit-transform:rotate(0);-ms-transform:rotate(0);transform:rotate(0);left:0;right:auto}.elementor-price-table__ribbon.elementor-ribbon-right{-webkit-transform:rotate(90deg);-ms-transform:rotate(90deg);transform:rotate(90deg);left:auto;right:0}.elementor-widget-price-table .elementor-widget-container{overflow:hidden;background-color:#f7f7f7}<\/style>\n\t\t<ul class=\"elementor-price-list\">\n\n\t\t\t\t\t\t\t\t\t<li><a class=\"elementor-price-list-item\" href=\"#\">\t\t\t\t\n\t\t\t\t<div class=\"elementor-price-list-text\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-price-list-header\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-price-list-title\">\n\t\t\t\t\t\t\tAVG ANNUAL YIELD\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-price-list-price\">8.2%<\/span>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/a><\/li>\t\t\t\t\t\t\t\t\t\t\t\t<li><a class=\"elementor-price-list-item\" href=\"#\">\t\t\t\t\n\t\t\t\t<div class=\"elementor-price-list-text\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-price-list-header\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-price-list-title\">\n\t\t\t\t\t\t\tEQUITY MULTIPLE\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-price-list-price\">2.4x<\/span>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/a><\/li>\t\t\t\t\t\t\t\t\t\t\t\t<li><a class=\"elementor-price-list-item\" href=\"#\">\t\t\t\t\n\t\t\t\t<div class=\"elementor-price-list-text\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-price-list-header\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-price-list-title\">\n\t\t\t\t\t\t\tIRR\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-price-list-price\">50.2%<\/span>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/a><\/li>\t\t\t\t\t\t\t\t\t\t\t\t<li><a class=\"elementor-price-list-item\" href=\"#\">\t\t\t\t\n\t\t\t\t<div class=\"elementor-price-list-text\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-price-list-header\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-price-list-title\">\n\t\t\t\t\t\t\tHOLDING PERIOD\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-price-list-price\">2.3 YEARS<\/span>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/a><\/li>\t\t\t\t\t\n\t\t<\/ul>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In 2019, BIP was presented with a limited marketed fractured condo opportunity in Melbourne, approximately three miles from University Village. The opportunity consisted of 92 of the 112 units in the community. All units included the same spacious two-bedroom, two-bathroom floorplans. The limitations of the offering included the unavailability of historic operating financials. Furthermore, as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-1653","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/pages\/1653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/comments?post=1653"}],"version-history":[{"count":7,"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/pages\/1653\/revisions"}],"predecessor-version":[{"id":3291,"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/pages\/1653\/revisions\/3291"}],"wp:attachment":[{"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/media?parent=1653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}