- Product: 53-unit Bulk Condo Units, 1986 Construction
- Sponsors: Michael Goldburg & Michael Cherry
- Lenders: TotalBank, Amerant Bank, First Republic Bank
- Property Manager: MCMG Management
- Purchased: $4.8million (2015)
- Market Value: $12.2million (April 2022 Broker Basis of Value)
The sponsors made a bulk purchase of 52 condos out of a total of 92 in the community in Davie, Florida and added a 53rd unit the following year in a foreclosure sale. MCMG Management has managed both the rental business and the Condominium association. Over the course of 7 years, MCMG Management has implemented over $1million worth of exterior and interior improvements. The average rent roll has improved from $1100/month in 2015 to over $1700/month in 2022 and maintains 99% occupancy. Management continues to improve interiors on unit turns and generate increased revenues while controlling expenses.