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Representative Prior Investments
The investments below were executed by the principal or affiliated entity of Bartizan Capital and are representative of the types of strategies Bartizan uses to create value. Often these opportunities are where basis, complexity, structure or repositioning can influence the outcome. Each example reflects a different form of value creation and a different lever at work.
Multifamily to Hotel Conversion
Savannah, GA
Situation
Acquired a multifamily property in a commercially zoned part of the historic district in Savannah, GA at below replacement cost, with a change-of-use path from multifamily to hotel.
The Edge
Recognizing that modest physical changes, the right permitting, and the right operating strategy could move the asset to a higher-value use, supported by Savannah's strong hospitality demand and the differentiated product.
Outcome
Change-of-use permit obtained, life-safety and ADA work completed, and the asset transitioned to hotel operation under professional management, with further upside tied to refinement.
Lever
Emerging Themes.
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Beachside Apartments
Daytona Beach, FL
Situation
Off-market acquisition in 2013 from an inexperienced owner. Roughly one-third vacant, burdened by deferred maintenance, and in condition well below what the location could support.
The Edge
The location outclassed the asset, and a strong local banking relationship secured leverage and terms materially better than the market otherwise offered.
Outcome
Renovated and stabilized through interior unit and exterior improvements and improving the tenant profile. Occupancy and rents rose, and the asset was refinanced within three years, returning the original invested capital If liquidated today. The investment would have generated in excess of a 10X equity return over the hold period.
Lever
Repositioning.
Lake Park Commercial
Lake Park, FL
Situation
Acquired through a probate sale with the acquisition executed as a 1031 tax free exchange. The property was underpriced relative to its location and in-place income with embedded redevelopment potential in an emerging corridor north of West Palm Beach.
The Edge
Utilized local market knowledge and rapid transaction execution to lock up the deal before competitors. Value existed on more than one path: current income, mark-to-market leasing, national-tenant repositioning, and longer-term land value supported by recent upzoning.
Outcome
Won through a disciplined and decisive offer. The property is cash flowing while leasing, tenant, and redevelopment options continue to mature and be evaluated.
Lever
Value-add repositioning through adaptive reuse, development, or re-tenanting and improvement.
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Non-Performing Note Acquisition
Americana Apartments
Lake Worth, FL
Situation
Acquired as a non-performing loan from a bank that preferred to sell the debt rather than foreclose. The deal required underwriting the legal process and the path to control alongside the real estate.
The Edge
Willingness and ability to evaluate collateral, legal strategy, and execution together, in a transaction most buyers avoid for its complexity and size.
Outcome
Foreclosure pursued, borrower bankruptcy and cram-down risk navigated and avoided, title obtained, building renovated and stabilized, and the asset sold roughly three years after note acquisition.
Lever
Capital Solutions.