As of June 13th, 2022, Disrupt Equity, a Houston real estate syndication company, has officially closed on acquiring Hilltop Apartments. Hilltop is a 128 unit apartment community located in Daytona, Florida, at 464 Brentwood Drive.
Hilltop Apartments was one of the three multifamily properties included in Disrupt Equity’s recently launched Sunbelt Diversified Portfolio 506(c) offering to its investors. This acquisition marks Disrupt Equity’s expansion into the Central Florida region.
Hilltop is a garden-style community built in 1973 and comprises 128 one, and two-bedroom units that span eight buildings. The asset is conveniently located minutes from the Atlantic beaches, the Daytona Beach International Airport, the Volusia Mall, the Daytona Speedway, the One Daytona shopping complex, and major employment centers.
The Daytona market is rapidly growing– Hilltop has seen EGI grow 70% over the last 12 months, with the immediate submarket currently experiencing 18% YoY rent growth as central Florida continues to see unprecedented post-pandemic fundamentals.
Previous ownership has infused over $1.2 Million in capital expenditures, alleviating major deferred maintenance, including big-ticket items such as replacing all of the roofs in 2021, repaving the parking lot with 2″ of asphalt, painting all exterior buildings, and replacing over 50 HVAC units.
Property amenities include a recently renovated leasing office and laundry facility, playground, swimming pool with sundeck, grilling stations, and pergolas with picnic tables.
Disrupt Equity has significant value-add potential through continued renovations on the current amenity package and interior units; ownership has lightly renovated close to 75% of the community to varying degrees, with the other 25% of units still in classic condition. There is the ability to raise market rents by an additional $150-$200+ through a programmatic renovation plan.
Disrupt Equity partnered with Open Door Capital to acquire Hilltop Apartments. Managing Partner, Feras Moussa of Disrupt Equity, states, “We are incredibly thankful to our team, partners, and investors for their support in getting this deal across the finish line.”
“We look forward to continuing to expand our footprint across the sunbelt region and launching additional opportunities we have in the pipeline to our investors over the next few months.” States Ben Suttles, Managing Partner at Disrupt Equity.
About Disrupt Equity
Disrupt Equity is a real estate syndication firm focused on multifamily acquisitions. Disrupt Equity was founded by Ben Suttles and Feras Moussa and was born from the desire to create safe, quality housing through strategic upgrades, hands-on customer service-oriented management, and targeted acquisitions in growing markets. Disrupt Equity has bought more than $320M in real estate and has gone full cycle on eight of these large apartment deals, achieving a 20-50% average annualized returns to their investors. To date, Disrupt Equity operates over 3,000 units across the Sunbelt region and is projected to hit $600M in assets under management by the end of 2022.