Cushman & Wakefield, as exclusive advisor, is pleased to present an exceptional investment opportunity to acquire Emerald Landings (the “Property”) – a 20-unit, luxury townhome community located in Tamarac, Florida. The property was built in 2015 to sell as individual townhomes. No townhomes were sold and the property operates as a single folio and ownership of all units.
Emerald Landings represents the rare opportunity for an investor to acquire a boutique, luxury townhome community without any HOA obligations. The property offers strong in-place income. Current market rents at the property are $2,364 whereas in place effective rents are $2,210 per month. A new investor can recognize revenue upside by eliminating $36,900 or $154/u/m in loss-to-lease by renewing or offering new leases to the units which are at below market levels. A new owner will also have the potential exit strategy of selling the units individually once the “for sale” market stabilizes.
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 as exclusive marketing advisor, is pleased to present the opportunity to acquire Olive Glen 154 out of 276 units in Pompano Beach. Built in 1979, the property is situated on +/- 20 acres just west of I-95 and walking distance to the Pompano Beach Tri-Rail Station.
The 154-units include 5 studios; 90 one bedrooms and 59 two bedroom units. Of the 154 units 104 are located in two story garden units and 50 are located in one-story, villa fourplexes. The units are 100% occupied with almost $1.9 million in current effective income. The units offer significant upside potential. The average in place rent is $984 per unit. Improved surrounding communities such as Pompano Palms and Windsor Forest are achieving rents of $200-$300 higher per month. The Condo Association has over $450,000 in reserves. The owner of the 154-units has 2 out of the 3 Condo Association board seats that can be transferred to a new owner.
This generational investment opportunity will instantly make a new owner one of the largest multifamily owners on South Beach, which is one of the most supply constrained markets in the U.S. The portfolio offers immediate upside through improved management and leasing as well as value-add potential on most buildings. In the past four years $6.9 million has been spent on improving the properties, including the gut renovations of 1600-1606 West Avenue and 1567 Meridian (61 units) – the remaining 261 units have the potential to increase income with value-add improvements focused on interior upgrades.
Please view additional photos by clicking on the Photos Link tab below.
Cushman & Wakefield has been exclusively engaged to arrange the sale The Cottages of Wildwood, a fully entitled and shovel ready, 9.98-acre, build-to-rent ("BTR") development site (the "Property"). The Property is zoned R-3, Medium Density Residential and current plans propose a 71-unit BTR apartment complex, consisting of one- and two-story detached cottages and townhouse-style residential buildings, a single-story clubhouse and pool, dog park, as well as two 5-car detached garage buildings and a maintenance building.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire together or separately two core, suburban infill, garden apartment assets in Miami, Florida – Doral View and Town Fontainebleau Lakes. Both properties are each 360-units in 3-story garden design, which has become an increasingly rare and thinly traded building type due to available land. Completed in 2014 and 2016, Doral View and Town Fontainebleau Lakes were developed with the highest design standards. Both properties feature a mix of one-, two- and three-bedroom residences with expansive, state-of-the-art amenities and finish levels. Further, the properties have unmatched visibility with their location along the Dolphin Expressway and its 122,000 cars daily. This highway adjacent location has driven strong, qualified renter traffic seeking excellent connectivity to nearby major employment centers including Doral, Blue Lagoon, Florida International University (FIU), and downtown Miami.
Cushman & Wakefield, as exclusive advisor, is please to present the Victoria Park Townhome development site. The 40,500 square foot site is located ½ block south of Sunrise Boulevard in the highly desirable Victoria Park neighborhood of Ft Lauderdale. The site has preliminary drawings for an 18-townhome development totaling 45,840 sellable square feet or 2,547 sellable square feet per townhome. The zoning is RMM-25 which allows for residential multifamily midrise development of no more than 35 feet high. The max density is 25 units per acre- hence 23 units are allowable. The proposed townhomes feature 3 stories with elevators for an average townhome size of 2,547 SF.
The site currently has four duplexes, One Single Family Residence, and One Triplex that generate $172,000 in yearly gross income and $78,000 in expenses providing $94,000 in net operating income. The last lease expires January 2020.
Utilities and Services: all necessary utilities and public services including water, sewer, electricity and telephone are available in adequate capacity to support development on the site.
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.