Affordable Secure Self-Storage II- Hudson, Florida

The asset is located in Hudson, FL, Pasco County, approximately 25 miles north of Tampa, less than 2 miles from the Gulf of Mexico, and .5 miles east of Route 19. The property is in generally good condition with very little deferred maintenance. The property is predominately built out with over 40,000 square feet of rentable area on 3.17 acres, with a good unit mix.

Stadium Gardens closes-Fort Myers

Stadium Gardens is in a central Fort Myers location, immediately across the street from the City of Palms Park, (Red Sox Farm Team). Walking distance to Downtown, shopping and public transportation. The asset was acquired in late December 2011, and commenced renovations in January 2012 with completion in April 2012. The asset is currently 100% occupied with strong demand for affordable rentals in the immediate area due to it’s proximity to downtown, public transportation and local government offices.

Spring Lake subdivision secured and sold

Very desirable location in Spring Lake, NJ was acquired by Florentine as a subdivision. Located 2 blocks from the beautiful Jersey Shore, Florentine was able to get the approval to subdivide the large lot into 2 smaller lots and sold them for a large profit.

Florentine Holding Company purchases first Self-Storage facility

The asset is centrally located on S Tamiami Trail in Fort Myers, less than 50’ from highly traveled route 41. The asset is concrete block with wood frame trusses in four buildings, and is in very good condition. The company acquired the asset from a distressed private party in July 2011. At acquisition, the asset was less than 50% occupied. Through professional management, aggressive advertising and add-on services, the company has successfully repositioned the asset to 90% occupancy in May 2013, with a current Net Operating Income (based on 5 months trailing) of $128,000, valuing the asset at over $1,600,000.

Spring Lake Height New Jersey subdivision secured and sold

Florentine acquired a large single family home property and was able to get approvals to subdivide lot into 3 parcels. Parcels included the single family home, a residential lot and a commercial lot. Property is located on Wreck Pond in Spring Lake Heights, and 7 blocks from the beach.

Pebble Court acquisition

Pebble Court Apartments is a 20 unit, multifamily project centrally located within minutes of The Edison Mall, Lee County Hospital, Downtown Ft. Myers, and routes 41 and I-75. The complex was owned by a retired couple, and is only 60% occupied, creating a true value added opportunity. The complex and units are in very good condition with very little or no deferred maintenance.

All units are 1 bedroom, 1 bath, with screened Lanais, and approximately 675-700 square feet of living space.

Purchase of a distressed/ failed condo project located on Second Street in Downtown Fort Myers

Residences at Second Street is a 16 unit, multifamily project located less than .5 miles from downtown Ft. Myers. The project is vacant and bank owned, purchased by the previous owner for $1,600,000 in 2005.

The property is in a very good location, just east of Park Ave (old 41), on the north side of Second Street, and abuts the historical Dean Park subdivision. The project is comprised of (2) identical, 8 unit buildings on over an acre (44,589 square feet).

All units are 2 bedrooms, 1 bathroom, with 758 square feet of living space