Drever tells GlobeSt.com that he looks for financially distressed or physically unappealing properties in good locations. The Westchase Forest complex is a classic case of the "worst looking property on the best street," he says. Thus, a $1.2-million rehab, inside and out, is on the drawing boards for the three-year-old complex.

Drever says the aim of the enhancements is not to increase rent, but to keep the complex up to par while waiting out the economic recovery. "We don't expect great things initially," he says, "but if you don't improve, things tend to go south."

Exterior changes will include stone pavers and landscaping. The club house and fitness center will be expanded and a media room added. Interiors will get granite countertops, new lighting fixtures, crown molding and ceramic tile kitchen floors and foyers.