THE LAST REMAINING OPPORTUNITY IN MIAMI WORLDCENTERCushman & Wakefield, as exclusive marketing advisor, is pleased to offer a land sale or joint venture opportunity in the development of the middle and western portion of Block A of Miami Worldcenter (the “Offering”), the 2nd-largest active urban mixed-use project in the United States. This represents the last remaining available block within Miami Worldcenter. Phase 1 of this iconic, city-shaping development is currently under construction and will include 320K sf of retail, over 2,000 hotel keys, 600k sf of convention space, 500k sf of office space and over 1,900 residential units. Block A, “the Opportunity”, encompasses approximately 2.18 acres, with the base development capacity of nearly 1,100 residential units and 1.7 million square feet.
Cushman & Wakefield, as exclusive marketing advisor is pleased to present Village at Boca East, a garden-style apartment community consisting of 84 units located in Boca Raton, Florida. The property has an average unit size of 919 square feet with 83% of the units two or three bedrooms. Built in 1975, the property recently completed a $3.55 million renovation including: upgrading every unit with new kitchen, bathrooms, flooring and adding washer/dryers. The property is 94% occupied with market rents averaging $1,640.
The property is situated on 6.7 acres and has three areas that could allow up to 50 more units to be built on the site. Village at Boca East is located east of I-95 just south of Glades Road and is walking distance to Whole Foods, A-rated Boca Raton High and Middle Schools and less than five minutes from Florida Atlantic University, Boca Town Center and over 10 million square feet of office space.
Cushman & Wakefield, as exclusive advisor, is pleased to present Ocean House – the largest garden style multifamily community on Miami Beach. Ocean House is situated on over four-acres with over 750 feet of direct water frontage and totals 186 units in 23 two-story buildings. The property offers a favorable unit mix with 72% of units two or three bedrooms. The property is 97% occupied with exceptional strong collections during COVID-19.
In the past few years ownership has spent over $13 million in renovating the property. All units have been upgraded to one of two finish levels. 96 of the 186 units (±50%) have been upgraded to a “gold standard”. The other 90 units (±50%) have been upgraded to a platinum standard. Platinum units are renting $115 higher per unit per month.
Cushman & Wakefield is pleased to present the exclusive listing of Sunset Marina, the newest waterfront Class-A rental community in the Florida Keys and the only waterfront multifamily rental in Key West. A shortage of rental supply, limited land and limitations on new residential development make the Florida Keys one of the most supply constrained markets in the U.S. Sunset Marina is ideally situated with over 950 feet of direct water frontage on Stock Island in Key West.
The property features 60 spacious townhome units that average 800 square feet. All units are two bedroom/two bathrooms. The property is 98.3% occupied with average market rents of $3,045 per unit. The property includes 23 market rate units and 37 workforce units. The majority (30 out of 37 units of the workforce units) allow for a mix of moderate and middle income which is defined as 110% of 120% of AMI. Adjacent to the property is Sunset Marina a 165-slip marina. Out of 60 units, the 52 (87%) have direct water frontage whereas the remaining 8 units have partial water views.
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire 100% interest in Marina Del Rey, a 108-unit waterfront value-add opportunity located in Miami Beach, Florida. The property offers over 400 feet on the water with a private boardwalk providing expansive Biscayne Bay views.
None of the units have been upgraded, allowing a new owner tremendous revenue upside with a comprehensive value-add program. Nearby renovated properties are commanding rent premiums providing a future buyer with rent upside of over $350 per unit. For example, the property next door to Marina Del Rey has been renovated with one and two bedrooms rent of $1,650 and $2,300. The current market rents for one and two bedrooms at Marina Del Rey are $1,250 and $1,660 respectively, providing a clear and compelling value add strategy for a new buyer.