- Sponsors: Michael Goldburg & Michael Cherry
- Lenders: Amerant Bank
- Property Manager: MCMG Management
- Purchased: $8.19million (2016)
- Market Value: $22.8million (Unsolicited Offer for Purchase, May 2022)
The sponsors made a bulk purchase of 117 condos out of a total of 176 in the community in Palm Springs, Florida and added a 3 more units in a foreclosure sale. MCMG Management has managed both the rental business and the condominium association. Over the course of 6 years, MCMG Management has implemented over $1.5million worth of exterior and interior improvements and continues to manage the association and the rental business. The NOI has improved over 100% from $418,000 in its first full fiscal year 2017 to over $850,000 in 2021 and maintains 99% occupancy. Management continues to improve interiors on unit turns and generate increased revenues while controlling expenses.