{"id":1674,"date":"2022-08-30T13:40:00","date_gmt":"2022-08-30T13:40:00","guid":{"rendered":"https:\/\/entusiasmototal.com\/bayshore\/?page_id=1674"},"modified":"2022-08-30T14:07:26","modified_gmt":"2022-08-30T14:07:26","slug":"the-village-at-melbourne-2","status":"publish","type":"page","link":"https:\/\/entusiasmototal.com\/bayshore\/the-village-at-melbourne-2\/","title":{"rendered":"The Village at Melbourne"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1674\" class=\"elementor elementor-1674\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5ff437fe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ff437fe\" 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-182e5fea\" data-id=\"182e5fea\" 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-2ecc19d1 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"2ecc19d1\" 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-3ea29f55\" data-id=\"3ea29f55\" 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-50623a91 elementor-widget elementor-widget-image\" data-id=\"50623a91\" 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\t<a href=\"https:\/\/bayshoreinv.com\/portfolio\/village-at-melbourne\/www.thevillageatmelbourne.rentals\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"150\" src=\"https:\/\/entusiasmototal.com\/bayshore\/wp-content\/uploads\/2022\/08\/Contact-Bayshore-Investment-Partners-UNIVERSITY-VILLAGE-1.png\" class=\"attachment-large size-large\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\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-53ccb1f elementor-widget elementor-widget-text-editor\" data-id=\"53ccb1f\" 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>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&#8217;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\u2019s 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.<br class=\"separator\" \/><br \/>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.<br class=\"separator\" \/><br \/>BIP\u2019s longer-term hold strategy includes acquiring additional units, while continuing efforts to diversify the tenant base and increase NOI.<\/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-3dee335f\" data-id=\"3dee335f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\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\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>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&#8217;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 [&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-1674","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/pages\/1674","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=1674"}],"version-history":[{"count":4,"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/pages\/1674\/revisions"}],"predecessor-version":[{"id":1680,"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/pages\/1674\/revisions\/1680"}],"wp:attachment":[{"href":"https:\/\/entusiasmototal.com\/bayshore\/wp-json\/wp\/v2\/media?parent=1674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}