Lake Cecile TownHomes

About Lake Cecile TownHomes

Cushman & Wakefield is pleased to present the opportunity to acquire Lake Cecile Townhomes, a 72- unit, concrete block townhome rent community located in Kissimmee, Florida (the “Property”). The Property was built between 2009 and 2014 and consists of nine buildings with oversized townhome layouts averaging 1,643 square feet totaling 36 three-bedroom and 36 four-bedroom units. The Property’s amenity set includes resort-style pool, clubhouse/leasing office, and basketball court, which is a rarity for boutique townhouse communities. Lake Cecile is available below replacement cost. The property offers immediate upside through eliminating 1) loss to lease and 2) value add improvements; Loss to Lease • In place rents are under market. The property has consistently operated at 100% occupancy due to the low rents. In place effective rents are $1,446 or $0.88 per square foot. Market rents are $1,800 for three bedroom and $2,000 for four bedroom townhomes with a blending market rent of $1,900 or $1.16 per square foot. There is over $454 per unit per month or $390k per year in loss-to-lease upside by moving rents to current market levels. Value Add • The property provides excellent value-add upside opportunity. Implementing a value-add program on the 72 units at an estimated cost of $10,000 per unit can provide $200 per unit in additional rental upside totaling over $170,000 in income upside.