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Centre Lake

Posted: 8/22/2022
234 Units
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About

About Centre Lake

Cushman & Wakefield, as exclusive advisor, is pleased to present Centre Lake, a transit orientated, incoming producing, development site. Situated on 11.1-acres, the site is adjacent to the Golden Glades Multimodal Transportation Facility and is currently improved with 234-units. The property is part of an areawide rezoning effort that, upon approval, will increase the "as of right" density to 125 units per acre. An additional 25% density bonus can be achieved by incorporating workforce housing or making a “contribution in lieu” payment.

EXISTING IMPROVEMENTS

Built in 1986, Centre Lake Apartments is a 234-unit single-story, villa-style property. The property is 94% occupied with below market rents. There is $640,000 of loss-to-lease revenue upside potential to be realized by pushing all the rents to market. Market rents are readily attainable of $1,300 for studios; $1,500 for one bedrooms and $1,925 for two bedrooms; 31 units (13%) are currently renting at or higher than these market rents. Assuming all units are at the respective market rents, there is $640,000 in loss-to-lease before capital enhancements. Current ownership has upgraded three units. New ownership can chose to implement a value-add program and receive $150 per unit rent premiums over the market rents which would add another $420,000 in upside income. All one and two bedroom units (69% of all units) have washer and dryer hookups in place.

DEVELOPMENT OPPORTUNITY

The Centre Lake property is positioned within an area that is being considered for up-zoning that would increase the site’s density potential to ± 1,733 units or about 156 units per acre. In September 2022, the Miami-Dade County Commission is scheduled to review a large area rezoning application that would dramatically increase the residential density potential of the N.W. 7th Avenue corridor, including the Centre Lake property, by including it in the North Central Urban Area District (“NCUAD”). As part of the NCUAD, the property will be designated “RM-Core” allowing up to 15 stories and a residential density of up to 125 units per acre "as of right." A density bonus of up to 25% can be achieved by participating in the County’s Workforce housing program, bringing estimated potential density to over 1,700 units. In addition, due to Centre Lake’s proximity to the new Golden Glades Multimodal Transportation Facility, existing bus stops and the Golden Glades Tri-Rail Station, it is eligible for a parking reduction of up to 30%.

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