Kenco is well-known for its successes during South Florida’s recent real estate growth. But Kenco has an equally impressive, two-decade track record of REAL ESTATE TURNAROUNDS, WORKOUTS AND ASSET REPOSITIONING SCENARIOS.
Our veteran team of real estate professionals led by founder Kenneth Endelson, brings unique skills, dedicated corporate culture, significant financial strength, and a wealth of experience, all of which has proven invaluable in adverse and challenging real estate situations. Representative examples of these successes:
• WYCLIFFE GOLF AND COUNTRY CLUB, Palm Beach County, FL: purchased this 36-hole 1,200 home country club community from Peoples Savings Bank, Bridgeport, CT. Repositioned asset, including expansion of clubhouse facility, improvements to the golf courses, acquisition of adjacent acreage to allow for additional housing units, and comprehensive marketing campaign. Ultimate sellout of the community was in excess of $500 million.
• THE SHORES AT BOCA RATON AND THE LAKES AT BOCA RATON: purchased these dormant land parcels from Carteret Savings Bank, Carteret, NJ. Created value with significant zoning modifications, sold three separate land parcels to national builders, front commercial parcel for a national drugstore anchored retail complex, and built-out remaining 150 acres with a 350-home community with gross revenues in excess of $100 million.
• GARDEN APARTMENT PORTFOLIO: acquired three apartment complexes encompassing approximately 1,000 units including San Marco Apartments – Miami, FL, Jacaranda Club – Plantation, FL, and Waldengreen Apartments – Orlando, FL. All three assets were “C” properties in “A” locations. Instituted an aggressive capital campaign program to both common area elements and apartment interiors, then embarked upon a focused marketing campaign leading to significantly improved occupancy, net operating income, and financial performance.
Kenco has also created significant value through complex and sophisticated MUNICIPAL ENTITLEMENT PROCEDURES in order to achieve increased density and land value. Kenco’s unique scope of understanding and diligent management and administration of its professional team – engineers, planners, land use attorneys and the like – has provided positive results throughout the State of Florida. Two recently completed projects include:
• MIDWAY ROAD LAND ASSEMBLAGE: adjacent to Interstate 95, City of Port St. Lucie, FL. By annexing this 600-acre land assemblage from the County into the City, Kenco was able to achieve a density increase from 1 home per five acres to 21/2 homes per one acre, which essentially led to the housing yield changing from 200 homes to 1,400 homes and mixed use commercial/professional/retail parcels. This process included a comprehensive land use amendment at the State level in conjunction with strategic negotiations at the County and City level.