Aventura Oaks

Posted: 5/23/2018
205 Units
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About

About Aventura Oaks

Cushman & Wakefield, as exclusive advisor, is pleased to present a multifamily investment opportunity to acquire Aventura Oaks (the “Property”) – a 205-unit, value-add residential asset located in rarely traded Miami, Florida. The three and four-story surface parked property was built in 1966 and offers spacious units averaging 898 square feet. Located east of I-95, the property is situated next to a Lake and provides easy connectivity to the major employments areas of Aventura, Downtown Miami, and Ft Lauderdale.

CASH FLOW GUIDANCE:

  • Gross Potential Rent: Per latest rent roll as of 5/15/2018, Gross Potential Rent is at $269,827 per month or $3,237,924 if annualized. This includes asking rents for 7 vacant units, 10 units under renovation and 3 non-revenue units as well as contract rents for the remaining 185 units.
  • Vacancy: Current Ownership has initiated a renovation program where over the past several months, they have renovated 122 units. As such, vacancy has increased beyond typical levels due to the extended turnover required. Nevertheless, excluding the down units, occupancy levels on the remaining active units have been consistently at or above 95%. Cushman & Wakefield assumed a typical vacancy rate of 5.0% which is in-line with area averages.
  • Water/Sewer Expense and Reimbursement: Renovated units are sub-metered and billed to tenant as opposed to non-renovated units which are not. As more and more units turn over and get renovated, water/sewer expense is expected to decrease.
  • Repairs & Maintenance: Due to the heavy renovations performed to the 122 units, it is expected that some expenses that were correlated to the renovation program were classified as R&M and vice versa. Cushman & Wakefield expects R&M to return to levels of $350/unit post renovation which is consistent with area and vintage averages.