West Isles Club

Key West, FL

Property Characteristics

  • 192 apartment units
  • One of only three institutional-quality apartment buildings in Key West (one of the highest barriers-to-entry markets for new development in the U.S.)


  • June 2014

Investment Opportunity

  • Relationship with private seller presented possibility to purchase the property at a discount from market value
  • Most leases were underpriced relative to market rents
  • The apartment complex was long overdue for unit renovation


  • Increased rents even in unrenovated units; significant increase in NOI in less than one year
  • Refinanced a year after acquisition, returning the majority of equity invested while maintaining similar leverage 
  • Sold the asset in April 2017 for $58.8mm, equating to $296,000 per apartment and a 44% gain from the purchase price