OLD MILTON MEDICAL 25 PROJECT UPDATE AND PROGRESS
OrbVest investment criterion is to acquire profitable medical buildings that can pay dividends from day one, but occasionally an opportunity presents that offers more value add, which translates into higher IRR’s for investors.
Value add is achieved by re-purposing part of the building by converting space from commercial to medical, filling vacant space with new tenants and pushing nett income upwards. Old Milton Medical 25 is a perfect example of this and the construction of a parking garage on the parking lot unlocked a new revenue stream and provided additional parking space to comply with local parking ratio requirements for medical tenants.
Since closing late in 2019, the construction of the parking garage has been progressing well considering the delays caused as a result of the Covid 19 pandemic. The lock-down resulted in delays in inspection and construction approvals from the city. The expected date of completion is now August 2020 and the delays have not impacted investors. Enjoy the below images and drone footage of the building.