TREND ALERT: ADAPTIVE RE-USE WITHIN MULTIFAMILY ASSETS

TREND ALERT: ADAPTIVE RE-USE WITHIN MULTIFAMILY ASSETS

Oasis Tower II is a 32-story building located on the water close to downtown Fort Myers.  This controlled-access hi-rise offers five star amenities such as concierge services, resort-style pool with sundeck, grill and picnic areas, tennis courts, game room and fitness center.

Built in 2008, the unit mix was a combination of 240 two and three bedroom floor plans.  Over the years, ownership noticed a trend – there was difficulty in renting out the three bedroom floor plans.  After researching the current market, they realized why.  The typical tenants for this area are young professionals, more so millennials than families, who don’t need the extra space.

Adivo has been given the task of converting the 3 bedroom apartments into a one bedroom with one and a half baths and a studio apartment.  The overall aesthetic is contemporary with high gloss flat panel cabinets, quartz countertops, stainless steel appliances, sound-absorbing plank flooring, as well as upgraded hardware and fixtures throughout.

By splitting the vacant 3 bedroom units into more attractive floor plans for the current market, it will drive increased occupancy.  At the end of the day, this re-positioning will improve the property, the owners will earn more revenue since the more attractive unit configuration will be available, and most importantly it will increase NOI and ROI.