Vista Verde at Westchester

Posted: 3/22/2018
302 Units
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About Vista Verde at Westchester

Cushman & Wakefield, as exclusive advisor, is pleased to present a multifamily investment opportunity to acquire Vista Verde (the "Property") - a 302-unit, value-add residential asset located in rarely traded Miami, Florida. The two and three-story surface parked property was built in 1993 and sits adjacent to a Publix-anchored shopping center and across SW 107th Avenue from Florida International University (FIU) the fourth largest university in the United States with a growing enrollment currently at 55,000 students.

The property is currently implementing an in-unit renovation program of which they have fully renovated 16 units. The last 60 renovated units ("full" and "partial") have achieved average monthly rent premiums of $188 per unit per month. Cushman & Wakefield estimates that by completing the in-unit renovation program, a future investor could generate additional annual cash flow of over $475,000. This would allow for an increased return potential. Notable renovations include adding stainless steel appliances, granite counters, removing popcorn from the ceilings, new flooring, new cabinetry, and sinks. A new investor can further enhance cash flows by continuing this program.