{"id":532,"date":"2021-08-26T19:09:49","date_gmt":"2021-08-26T19:09:49","guid":{"rendered":"https:\/\/brightstonere.com\/?post_type=project&p=532"},"modified":"2021-10-06T14:25:56","modified_gmt":"2021-10-06T14:25:56","slug":"bala-scandia","status":"publish","type":"project","link":"https:\/\/brightstonere.com\/project\/bala-scandia\/","title":{"rendered":"Bala Scandia Gardens"},"content":{"rendered":"

[et_pb_section fb_built=”1″ admin_label=”Services” module_class=”banner_sec portofolio_banner_sec ” _builder_version=”4.9.10″ background_color=”#093660″ background_enable_image=”off” custom_padding=”66px||90px||false|false”][et_pb_row column_structure=”1_5,3_5,1_5″ use_custom_gutter=”on” gutter_width=”1″ admin_label=”About” module_class=”banner_sec_inner” _builder_version=”4.9.10″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”8px||0px|||” use_custom_width=”on” custom_width_px=”900px”][et_pb_column type=”1_5″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text module_class=”banner_sec_title2″ _builder_version=”4.9.10″ _module_preset=”default” text_text_color=”#ffffff” header_2_text_align=”center” header_2_text_color=”#ffffff” header_2_font_size=”64px” header_2_line_height=”68px” custom_margin=”0px||-6px|||” custom_padding=”||29px|||” animation_style=”slide” animation_direction=”bottom” animation_duration=”1500ms” animation_delay=”200ms” animation_intensity_slide=”20%”]<\/p>\n

Bala Scandia
Gardens Apartments<\/h2>\n

[\/et_pb_text][et_pb_text admin_label=”About Section Title” module_class=”banner_sec_title1″ _builder_version=”4.9.10″ text_font=”Montserrat||||” text_text_color=”#1f1f1f” text_font_size=”36px” header_2_font=”GT-America||||||||” header_2_text_color=”#ffffff” header_2_font_size=”65px” header_2_line_height=”69px” header_5_font=”|||on|||||” header_5_text_align=”center” header_5_text_color=”#05C8E0″ header_5_font_size=”18px” header_5_letter_spacing=”4px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”0px||11px||false|false” custom_padding=”||20px|||” animation_style=”slide” animation_direction=”bottom” animation_duration=”1500ms” animation_intensity_slide=”20%”]<\/p>\n

Davie, Florida<\/h5>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ module_class=”portfolio_details_sec2″ _builder_version=”4.9.10″ _module_preset=”default” background_color=”#ffffff” background_enable_image=”off” custom_padding=”130px||130px||true|”][et_pb_row column_structure=”1_5,3_5,1_5″ use_custom_gutter=”on” gutter_width=”1″ module_class=”portfolio_details_sec2_inner1″ _builder_version=”4.9.10″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”1_5″ _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text module_class=”portfolio_details_sec2_title” _builder_version=”4.9.10″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#093660″ header_2_font_size=”50px” custom_margin=”||29px|||”]<\/p>\n

Value-add project<\/h2>\n

[\/et_pb_text][et_pb_text module_class=”portfolio_details_sec2_desc” _builder_version=”4.9.10″ _module_preset=”default” text_text_color=”#093660″ text_orientation=”center” custom_margin=”||60px|||” custom_padding=”||29px|||” hover_enabled=”0″ sticky_enabled=”0″]With 178 units spread over 7 acres, Bala Scandia was undermanaged and undercapitalized. At $963, rents were considerably lower than the market average, making it a prime candidate for a value-add project.<\/p>\n

Brighstone renovated the property, painted the exterior, installed new roofs and railings, upgraded the landscaping, resealed the asphalt, placed new signage, redecorated the leasing office, and added a fitness center and dog park, and new pool furniture. In addition, each unit received new appliances, kitchen cabinets and countertops, lighting and plumbing fixtures, and bathroom tiles. From a worn-out, tired complex, Bala Scandia was transformed into a vibrant community. At sale, rents were $1,469 on average, an increase of 30%.[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.9.10″ _module_preset=”default”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ use_custom_gutter=”on” gutter_width=”4″ module_class=”portfolio_details_sec2_inner2″ _builder_version=”4.9.10″ _module_preset=”default” custom_padding=”1px||0px|||”][et_pb_column type=”1_3″ module_class=”portfolio_details_sec2_inner2_left” _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_text_color=”#6B86A0″ custom_margin=”||0px||false|false” custom_padding=”20px||20px||true|false” border_width_top=”1px” border_color_top=”#CED7DF” border_color_bottom=”#CED7DF”]Purchase Date:<\/span> October 2018
\n<\/span>[\/et_pb_text][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_text_color=”#6B86A0″ custom_margin=”||0px||false|false” custom_padding=”20px||20px||true|false” border_width_top=”1px” border_color_top=”#CED7DF” border_color_bottom=”#CED7DF”]Date of Sale:<\/span> August 2021<\/span>[\/et_pb_text][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_text_color=”#6B86A0″ custom_margin=”||0px||false|false” custom_padding=”20px||20px||true|false” border_width_top=”1px” border_color_top=”#CED7DF” border_color_bottom=”#CED7DF”]Purchase Price:<\/span> $20 Million
\n<\/span>[\/et_pb_text][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_text_color=”#6B86A0″ custom_margin=”||0px||false|false” custom_padding=”20px||20px||true|false” border_width_top=”1px” border_color_top=”#CED7DF” border_color_bottom=”#CED7DF”]Renovation Amount:<\/span> $6.7 Million
\n<\/span>[\/et_pb_text][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” text_text_color=”#6B86A0″ custom_margin=”||0px||false|false” custom_padding=”20px||20px||true|false” border_width_top=”1px” border_color_top=”#CED7DF” border_width_bottom=”1px” border_color_bottom=”#CED7DF”]Sale Price:<\/span> $34,650,000<\/span>[\/et_pb_text][et_pb_button button_url=”\/portfolio\/” button_text=”BACK TO PORTFOLIO” _builder_version=”4.9.10″ _module_preset=”default” custom_button=”on” button_text_size=”14px” button_text_color=”#093660″ button_border_radius=”100px” button_letter_spacing=”1px” button_font=”|600|||||||” custom_margin=”45px||||false|false” custom_padding=”17px|45px|17px|45px|true|true” button_bg_color__hover_enabled=”on|hover” button_bg_color__hover=”#093660″ button_bg_enable_color__hover=”on” button_text_color__hover_enabled=”on|hover” button_text_color__hover=”#05C8E0″ button_border_color__hover_enabled=”on|desktop” 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