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Project Summary
The Jade Apartments represent Still Property Group’s innovative approach to adaptive reuse, exemplifying the future of attainable urban living in high-growth secondary markets. Located in Winter Haven, Florida, The Jade involved the strategic acquisition and conversion of a 330-key hotel into a fully modernized 238-unit multifamily community. With a thoughtfully designed, highly amenitized environment, The Jade delivers a smart, community-driven residential experience tailored to today’s renters.
Through efficient unit design, extensive lifestyle amenities, and technology-enabled smart living features, The Jade successfully addresses the market’s need for quality, attainable rental housing. The project is a proof of concept for Still Property Group’s investment thesis: delivering outsized value through adaptive reuse in supply-constrained markets.
| Key Project Facts | |
|---|---|
| Location: | 1150 3rd St SW, Winter Haven, FL |
| Conversion Type: | Hotel-to-Residential |
| Units: | 238 |
| Average Unit Size: | 571 SF |
| Unit Mix: | 1 Bed / 1 Bath, 2 Bed / 2 Bath |
| Hold Period: | 60 months |
| Completion: | Q4 2025 (expected) |
| Sponsor: | Still Property Group |
Loving the luxury apartments everything is new and spacious for the rent pricing is all worth it with the amazing amenities. Highly recommended!
Strategy & Execution
Still Property Group approached The Jade Apartments with a focused adaptive reuse strategy: transform an aging 330-key hotel into a vibrant, highly amenitized multifamily community designed for modern, attainable urban living. The project was structured around key pillars — maximizing construction efficiency, delivering best-in-class amenities, integrating smart living technology, and fostering a sense of community through targeted programming.
Amenity Strategy:
The Jade was designed to offer resort-style amenities rarely found in comparably priced assets, including:
- A resort-style pool with outdoor cabanas
- Two coworking lounges and recreation rooms
- Private resident fitness center
- Outdoor movie theater screen
- Pickleball court and dog run
- Communal kitchens and gathering spaces
- Full smart home integration: smart locks, climate control, lighting, and appliance management
- Geothermal heating and cooling system implemented in Phase 2 (first in the regional market)
Construction & Conversion:
A $15M gut renovation was executed to reposition the property. This included full reconfiguration of unit interiors, complete MEP system upgrades, modernization of exteriors, and the creation of premium common areas. SPG efficiently converted the hotel’s existing envelope into residential apartments averaging 571 SF, focused on maximizing space usability and affordability.
From the Ribbon Cutting
Smart Living & Community Programming:
Recognizing shifting resident expectations, The Jade emphasized tech-enabled living and community-driven design. The property offers fully integrated Wi-Fi networks, resident event programming, and flexible work-from-home spaces to meet the demands of today’s remote workers and young professionals.
Phasing Strategy & Capital Optimization:
The project was executed in two primary phases:
- Phase 1: 144 units delivered; lease-up achieved 80%+ occupancy within ten months.
- Phase 2: Delivering expanded two-bedroom inventory, upgraded sustainability systems including geothermal heating and cooling, and enhanced community spaces.
Following the successful Phase 1 lease-up, SPG restructured the original $20M construction loan in Q4 2024 to optimize the project's capital stack, further enhancing projected returns.
Exit Strategy:
The Jade is positioned for a projected exit valuation of approximately $55.4M ($233K/unit) within a targeted 60-month hold period, offering strong expected investor returns of 26.1% IRR and a 2.60x equity multiple.
Acquisition & Initial Capitalization:
In Q4 2022, SPG acquired the hotel asset at an attractive basis with an initial $20M acquisition and construction loan. The team identified significant untapped value through full-scale redevelopment, targeting a final residential program of 238 Class A apartment units.
Before & After Gallery
Before Conversion
After Conversion
Location Advantage
Situated in Winter Haven, Florida, The Jade benefits from its prime position between Orlando and Tampa — two of the fastest-growing metros in the United States. Winter Haven’s strong employment base, expanding population, and ongoing infrastructure improvements create a compelling backdrop for long-term multifamily demand. The property’s direct frontage on Route 17 ensures high visibility and accessibility to local and regional amenities.
The Jade as a Scalable Living Concept
Pre-Lease Validation:
Achieved 80%+ lease-up of Phase 1 within ten months, validating demand for compact, high-design units with luxury amenities in a secondary market.
Amenity-Led Differentiation:
Outperformed competitors through unmatched lifestyle offerings, including coworking spaces, geothermal climate systems, and a double-sided outdoor movie screen.
Capital Efficiency:
Delivered at just $139K per unit, The Jade illustrates SPG’s ability to execute high-impact conversions significantly below replacement cost.
Scalable Model:
This living concept is now being expanded to SPG’s next hotel-to-residential redevelopment on Merritt Island, FL.
The Jade's Website
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