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Case Study-Estates at Wellington Green | Case Study-Ocean Place Condominium fka The Kensington
Investor Relations:
Track Record
| Project Name | Description | Status |
| Polo Glen | 230-unit luxury apartment property in Plantation, FL | Sold in December 2002 for net sales proceeds of $31.2 million, equity investors received total distributions of $15 million, including returns of capital of $5.6 million, and realized internal rate of return of approximately 28%. |
| Polo Lakes | 366-unit luxury apartment property in Wellington, FL | Sold in August 2002 for net sales proceeds of $46.8 million, equity investors received total distributions of $20.9 million, including returns of capital of $9.0 million, and realized internal rate of return of approximately 28%. |
| Vero Beach | 153-unit luxury apartment property in Vero Beach, FL | Development and construction began in June 2003; total completion cost estimated at $17.4 million. |
| Fairview Forest Apartments | 237-unit luxury apartment property in Stuart, FL | Development began in March 2003; total completion cost estimated at $24.6 million. |
| Presidential Towers | 551-unit high-rise apartment building in Hollywood, FL | Currently being restored to an ultra-elegant apartment community; total estimated completion cost is $82.0 million. Sold in 2004 for $99,450,000. IRR was 22%. |
| The Estates at Wellington Green | 400-unit luxury apartment complex in Wellington, FL | Construction began in mid-2001; total completion cost $43.0 million. Sold in May 2004 for $63.125 million, which represents an IRR of 43.8%. |
| Park Central | Three existing rental properties in Orlando, FL. two additional development parcels which will total an additional 591 units combined for rent and for sale. | Current repositioning of the rental properties is underway. Construction of Phases IV and V is scheduled to begin in July 2004. Total capitalization of the project is expected to be approximately $140 million. |
| Project Type: |
Development of
366 units of AAA multi-family |
 
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| Location: | Location: Class A in-fill location in Wellington, FL directly across from the Wellington Green Mall (2 mm sf regional mall developed by Taubman) |
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| Capital Partner: | Fidelity Investments | |
| Bainbridge Role/Strategy: | Bainbridge purchased and entitled
the site in May of 1999 Bainbridge developed and stabilized the project in 36 months, right on its construction budget and on schedule. |
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| Result: | Bainbridge developed the project at a total cost of $36 M and sold the project for $46.8 M in August 2002, representing an IRR of 28% to Fidelity Investments |
| Project Type: |
Acquisition & development of 1,672 units of AAA multi family
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| Location: | Class A location in the shadow of the Mellenia Mall in Orlando, FL. (1.1 mm sf regional mall developed by Taubman) | |
| Capital Partner: | Lehman Brothers | |
| Bainbridge Role/Strategy: | Off-market acquisition opportunity sourced by Bainbridge. The project had been operated inefficiently by the previous owner with current repositioning of the rental properties underway. Phases IV & V are scheduled to break ground on the townhomes in July of 2004 - total capitalization of the project is expected to be approximately $140 million | |
| Result: | Through proactive property management, net operating income is projected to increase by 19% in 2005 |
| Project Type: |
Development of 400 AAA multifamily apartments. This construction project was completed in early 2003 |
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| Location: | Class A location in Wellington, FL site right next to the Wellington Green Mall (2 million sq ft mall developed by Taubman) | |
| Capital Partner: | Fidelity | |
| Bainbridge Role/Strategy: | Developed and managed successful lease-up of 400 luxury rental units | |
| Result: | This property was sold in May 2004 for over $63 million with an IRR of 43.8% |
| Project Type: |
Acquisition of 256 high-rise oceanfront rental units |
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| Location: | Lauderdale by the Sea | |
| Capital Partner: | Lehman Brothers | |
| Bainbridge Role/Strategy: | Off-market acquisition opportunity identified by Bainbridge as a condominium conversion. The condo conversion is currently underway & sell-out is projected in late 2004 | |
| Result: | The gross sales projection is over $86 million. We expect the net profit to be over $19 million |
| THE BAINBRIDGE COMPANIES 12765
W. Forest Hill Blvd., Suite 1307 Wellington, FL 33414 (561) 333-3669 • Fax (561)793-6820 • probinson@bainbridgere.com |