Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Ivy Cove Apartments (the “Property”) – a 19-unit property located at 6805 SW 88 Street in Pinecrest, FL.
Pinecrest is one of the most affluent areas of Miami. In 2021, the median household income of Pinecrest households was $166,801. The submarket has significant barriers to entry for multifamily development. Ivy Cove is one of only five rental communities in Pinecrest.
Built in 1965, the property has its 40-year certification and is well maintained. The property includes 12 one-bedroom; 6 two-bedroom and 1 three-bedroom units. The Property is 84% occupied. The property has been owned and self-managed since 1997. Current ownership has fully upgraded nine units, and partially upgraded the remaining ten. Current ownership has spent approximately $185,000 renovating the property including impact windows and doors, new paint, electrical & lighting, landscaping, and surveillance & access control among others. The property includes 29 onsite parking spaces.
There is notable income upside potential. In place rents are under market. Recent leases at the property have been between $1,850 and $1,900 for one bedrooms. However, most units are significantly below market. The difference as of the January 19, 2023, rent roll is $208 per unit or $47,340 on an annualized basis.The property is available by itself, or as a portfolio of properties including:
The property has a 77 walk score and provides tremendous walkability and regional connectivity via access to the Metrorail. In addition, residents at Ivy Cove are located less than five minutes from four major transportation thoroughfares with connections to Miami’s employment hubs.
Cushman & Wakefield, as exclusive advisor, is pleased to present Residences at The Green, a 300-unit, luxury, garden-style apartment community located in Bradenton, Florida (the "Property"). Completed in 2019, the Property is situated on 11.2 acres within the master-planned Lakewood Ranch Community, the best-selling, master-planned, multi-generational community in the country for the last five years.
Residences at The Green features three, four-story residential buildings and four garage buildings. The apartment homes average 1,056 s.f. across one, two, and three-bedroom floor plans. Unit interiors feature stainless steel appliances, granite countertops with gourmet kitchen islands, custom designed cabinetry, pendant lighting, luxury vinyl flooring, walk-in closets, full-size washer & dryers and private balconies. The Property boasts an impressive amenity package including a resort style pool and sundeck, outdoor fireplace & tv lounge, custom grilling & outdoor dining area, custom designed fitness center with specialized cardio equipment & fitness on demand training, wine tasting room overlooking the pool deck, a sports room with billiards, a professional business center, indoor dog parlor & pet salon, dog park, and easy access to miles of running and bike trails among other offerings.
Residences at The Green was developed by highly respected, Class "A" mixed-use developer, Tavistock Development Company and is designed to be a part of a thriving mixed-use community. The Property stands out from its peers as the only multifamily community in Lakewood Ranch with a walkable, integrated grocery-anchored retail and town center consisting of over 133,000 s.f. of retail space, featuring tenants such as Starbuck’s, Chipotle Mexican Grill, Panera Bread Company, Burgerfi, LA Fitness, CVS and Winn Dixie. In addition to its on-site retail, the Property benefits from its position within CORE, a 305-acre research and medical hub that will house over 4.5 m.s.f. of office, research, residential and commercial space.
The Property is ideally located at the epicenter of Lakewood Ranch at the intersection of Lakewood Ranch Boulevard and State Road 70. Residents benefit from easy access to extensive retail and recreational offerings, “A” rated schools, and an abundance of employers. The Property’s location is minutes from I-75 providing direct connectivity to the I-75 Corridor Office Submarket, home to more than 21 m.s.f. of 94% occupied office space and convenient access to more than 65 m.s.f of office space throughout the Tampa and Sarasota MSAs.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Salamanca Apartments (the “Property”) a 23-unit property located at 126-134 Salamanca Avenue in Coral Gables.
The property is situated in walking distance to Downtown Coral Gables and its famed Miracle Mile. Built in 1964, the property has its 40 year certification, is well maintained and provides notable value-add upside potential. With an average asking rent of $2,869, the Coral Gables submarket has the highest rent in all of Miami-Dade. Market rents at the property are $1,976. With a modest value-add program, Cushman & Wakefield estimates the units can rent for an average of $2,189 per unit, which would still be notably below the submarket average. Current ownership has renovated 13 units. Roofs were replaced in 2013.
Salamanca Apartments has 20 one-bedroom/one-bathroom units and three two bedroom/one-bathroom units averaging approximately 523 square feet. 15 of the units are loft style, featuring downstairs living area and upstairs bedrooms. The property has been historically 100 percent occupied. Most of the tenants are young professionals that work from home or within the close vicinity of the property.The property provides 23 onsite parking spaces. The property is available by itself, or as a portfolio of properties including:
The Property has exceptional proximity to jobs, dining, and nightlife within Downtown Coral Gables. Within a one-mile radius of the Property there is 8.9 million square feet of office space; over 40,000 jobs and an average household income of $84,000.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Station 21 (the “Property”) - a Class A, 90-apartment home, luxury low rise residential community located in Hialeah, Florida. The property is available to be acquired upon receiving its certificate of occupancy which is slated for Q1-Q2 2023.
Ownership will guarantee new first time leases with average rents of $1,900 for the 36 one bedroom units, $2,200 for the 9 smaller sized two bedrooms and $2,300 for the 45 larger sized two bedroom units if they are engaged to lease the units on behalf of a new owner.
The property is strategically located adjacent to the Hialeah Metrorail Station. The Hialeah Metrorail Station operates from 5am to midnight and provides an 18 minute commute to Downtown Miami; 5 minutes to the Tri-Rail/Metrorail Transfer Station and 17 minutes to the Miami International Airport Station.
Station 21 apartments is being offered for the first time by its developers, Prestige Builders, and presents a rare opportunity to acquire a new construction, Miami-Dade apartment garden community in a centralized location with exceptional connectivity and accessibility.
Cushman & Wakefield, as exclusive advisor, is pleased to present The Estates at Park Avenue, a 432-unit value-add garden apartment community located in Orlando, Florida (the "Property"). The Property sits on 25.2 acres with one, two, and three-bedroom floor plans that average 1,153 s.f. across townhome, loft, and flat-style apartments. The Estates at Park Avenue has an extensive amenity package including two resort-style swimming pools with sundecks and spas, a fitness center with cardio equipment and separate yoga/spin room, a racquetball court, BBQ & picnic areas, a movie theater, a business center with workstations, a community billiards and game room, a tennis court, on-site garages, a dog park, a playground, and a car care area among other offerings.
The Property has seen strong organic rent growth as new lease trade-outs over the last 90 days have averaged 13%, or $209. New ownership has the opportunity to capture significant rental upside by upgrading existing units to be inline with market comparables and executing targeted improvements to the common areas. The Property’s classic and partially upgraded units present a substantial value-add opportunity through full renovation programs while previously renovated units can be brought inline with new construction comparables with light upgrades.
The Property is settled in a unique location within Orlando’s MetroWest Submarket, less than 10 minutes to both Interstate-4 and Florida’s Turnpike, providing unparalleled access to all major employment hubs and attractions within the Orlando MSA. Additionally, there is more than 22.7 m.s.f. of retail within five miles and 10.4 m.s.f. of office space within seven miles.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire the Trail Apartments (the “Property”) - a Class-A, 84 apartment home, luxury low rise residential community located in Miami, Florida. The property is available to acquire upon certificate of occupancy which is slated for Q1 2022.
Ownership will guarantee new first time leases with average rents of $1,700 for a one bedroom and $2,000 for two bedroom unit occupancy and rent requirements before closing. The property is just minutes south of Miami International Airport near the key intersection of the Dolphin and Palmetto Expressways.
The Trail apartments is being offered for the first time by its developers, Prestige Builders, and presents a rare opportunity to acquire a new construction, Miami-Dade apartment community in a centralized location with exceptional connectivity and accessibility.