Cushman & Wakefield, as exclusive advisor, is pleased to present the core-plus investment opportunity to acquire the 700 unit City Center on 7th in Pembroke Pines, Florida. The property features an appealing unit mix with 425 garden style apartment homes and 275 two-bedroom townhomes with a market-leading size of 1,143 square feet. Of the townhomes, 55% have direct-access two car garages while 18% have one car garages. Originally built in two phases in 2014 and 2015, the property has upgraded 320 units – changing Formica countertop in the kitchens and bath to quartz for a $75 monthly premium. Given its two-phase development, the property now has two clubhouses, pools and fitness centers. The recently completed Pines City Center provides residents walkability to 300,000 square feet including Publix and other shopping and dining destinations. Its central Broward location provides residents quick commutes to the major employment centers in South Florida.
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.
Cushman & Wakefield, as exclusive advisor, is pleased to present 1200 Marseille, a value-add multifamily opportunity on Miami Beach. The property consists of two buildings. The unit mix is excellent for the location consisting of four 1BR/1BA units and eight 2BR/2BA units with an average unit size of 973 square feet.
The immediate area surrounding the property is poised for significant investment and improvement. The Miami Beach Commission unanimously approved a master plan for the city’s North Beach neighborhood, which stretches from 63rd to 87th Street. The master plan will include a North Beach Town Center and is likely to revitalize the area with hundreds of millions of dollars of new developments and neighborhood improvements.
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire the interest in Gatehouse on the Green, a 312-unit asset located in Plantation, Florida. Considered the premier central Broward location, the property was built in 1991 with 9’ ceilings and vaulted ceilings on top floors. None of the units have been upgraded, allowing a new owner tremendous revenue upside with a comprehensive value-add program. The performance of the property has remained consistent through 2020 with strong occupancy and collections. Given its ideal location, the property has excellent access to the major employment markets and retail dynamics in the immediate area. Gatehouse on the Green represents the opportunity to acquire the ultimate value-add opportunity in a thriving, high demand market.
A Trophy Residential High-Rise in Midtown Miami
Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire Midtown Five (the “Property”) – a 25-story, class-AAA high-rise in the center of master-planned Midtown Miami. Midtown Five is composed of 400 luxury residences with 23,312 square feet of ground floor retail that sit along Midtown Miami’s main thoroughfare. The Property has outperformed the market in occupancy and collections and is well positioned for continued success due to its top-of-the-market unit finishes, expansive amenity package, and its irreplaceable location with immediate walkability to the 645,000 square foot Shops at Midtown, multiple under construction office projects, and two proposed Brightline stations. Midtown Five presents an extremely rare urban Miami high-rise acquisition opportunity that is poised to greatly benefit a long-term investor through Miami’s continued growth towards a first-tier world-class city.
Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire Broadstone Oceanside (the “Property”) – an iconic 8-story midrise located on Pompano Beach’s A1A and overlooking the Atlantic Ocean and Intracoastal Waterway. Developed by Alliance Residential, the irreplaceable asset opened in October 2019 and is comprised of 211 luxury apartment homes. The Property was meticulously designed to provide residents elegant unit features and resort-style amenity space, while also having direct access to the beach.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Mosaic at Miramar Town Center, a 487-unit core-plus opportunity located in Miramar, Florida. Developed in 2015, the property contains a unique mix of townhome and midrise units located within the 54-acre master planned Miramar Town Center – a “downtown” with office, retail and civic buildings. The property is well positioned for a new owner to benefit from a value-add program enhancing the unit interiors to include: hard -surface flooring in the bedrooms, new interior paint scheme, backsplash, upgraded refrigerator and technology package. Current ownership has modestly renovated approximately 30 units and has been achieving premiums of $100-200 for bedroom flooring and an additional $25 for new interior paint. There is an established onsite demographic with an average age of 37 and average household income of $104,519 creating a rent-to-income ratio of 21.3%. The location of Mosaic at Miramar Town Center offers the ultimate walkability with excellent access to surrounding jobs, retail amenities and major roadways. Within three miles of the property, there is in excess of 13.2M square feet of office/industrial space.
Cushman & Wakefield, as exclusive advisor, is pleased to present an urban infill investment opportunity to acquire Altis Boca – South Florida’s premier 398-apartment home asset located in Boca Raton, Florida. The property is comprised in a 6-story midrise design with a combined average unit size of 1,005 square feet. Altis Boca is walkable to Park Place Shopping retail center anchored by a Fresh Market and six restaurants, ranging from fast casual to white tablecloth. The property is also located in Palm Beach County largest office market and is adjacent to the 625,000 square foot Office Depot world headquarters; making it one of South Florida’s most dynamic live and work environments. Developed by nationally recognized Altman Companies, Altis Boca Raton represents the rare opportunity to acquire one of the best apartment home communities in the Southeast United States within the highly coveted location of Boca Raton.
290 Residences, Commercial Garage & Prime Retail
Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire Park-Line Palm Beaches (the “Property”) – a trophy 26-story residential high-rise developed as a part of the evolutionary Brightline Trains and overlooking the new Rosemary Square, Clematis Street, the Atlantic Ocean, Downtown West Palm Beach, and Palm Beach’s newest multi-tenant office building, 360 Rosemary. This coveted and irreplaceable asset opened in December 2018 and is comprised of 290 luxury residences, 790 parking spaces, of which 442 are master-leased to Brightline, and 13,235 square feet of ground floor, high-value retail. The property has exceptional onsite and neighborhood amenities from a 12th floor recreation deck with Intracoastal and Atlantic Ocean views to immediate walkability to Clematis Street, Rosemary Square, the newest Class-A offices in West Palm Beach, and direct walk-on walk-off ability to Brightline.
Cushman & Wakefield, as exclusive marketing advisor is pleased to present The Palms, a garden-style apartment community consisting of 340 units located in Davie, Florida. Completed in 1998 and set within a low density setting of 9 units per acre, the property features a mix of one, two and three-bedrooms with an average unit size of 987 square feet. The Palms’ Central Broward location, with direct access and exposure to I-595 (144,000 cars daily) allows it to benefit from the recently completed commuter infrastructure project with access to Plantation’s Midtown Business District, Sawgrass Corporate Park, Fort Lauderdale CBD, South Florida Education Center, Fort Lauderdale International Airport, and Port Everglades. Residents also benefit from access to A-rated public schools. The Palms has undergone renovations to 75% of its units and has been achieving premiums of $175. A future investor will be able to continue these renovations, as well as, further enhance the in-unit finish levels and generate additional income potential exceeding $445,000 per year.
Cushman & Wakefield is pleased to present The Lumin Boca Raton, (the “Property”), a 180-unit, Class AA garden-style apartment community located in Boca Raton, Palm Beach County’s most dynamic business hub.
The Lumin Boca Raton was constructed in 2018 and features unparalleled apartment finishes and resort-quality community amenities, all of which result in a standard-setting asset that assures long-term demand and rental growth.
Locationally, The Lumin Boca Raton sits in the Park at Broken Sound, a 700-acre commercial, residential, and hospitality hub which has connections to all residential demand drivers such as top-tier employers, affluent demographics, top-ranked schools, and an unparalleled array of shopping, dining, and recreational lifestyle elements.
Aliro offers a tremendous value-add investment opportunity because of its economies of scale, proven performance, and upside. Ownership has spent millions in recent capital improvements and has completed 338 in-unit renovations leaving 531 classic units available to be renovated by future ownership.
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the Port Royale Apartments, a 553-unit apartment community located along the Intracoastal Waterway in Fort Lauderdale, Florida. This exclusive waterfront investment opportunity spans approximately 22 acres and features a midrise building with 161-units nestled along 380 feet of water frontage along with 392 garden style units graciously spread across 16 acres. The Port Royale Apartments were developed between 1988-1990 and today are part of an HOA which also includes 230 private condominiums in a single 20-story tower, 555 luxury rental units developed in 2017 and a 64-slip private marina. The 22 acre site is entitled for a total of 845 units, thus there remains the opportunity to develop an additional 292 units. To date, roughly 80% of the Property’s units have been renovated achieving average rent increases of $220. Port Royale represents a very unique investment opportunity in which a buyer can implement several complementary investment strategies to achieve outsized returns.
Cushman & Wakefield, as exclusive advisor, is pleased to present an exceptional investment opportunity to acquire Innovo Living on Atlantic (the “Property”) —a 310 unit, multifamily asset located in Coral Springs, Florida. The property is comprised of 48% one-bedrooms, 52% two-bedrooms. Completed in 1987, Innovo Living on Atlantic received an extensive capital infusion which included a brand new 5,138 square foot clubhouse featuring an expansive lounge area, climbing wall, fitness center, Yoga and Pilates studio, lap pool and business center. The interior units were completely repositioned to feature new cabinets, counter tops, appliances, lighting and hard surface flooring throughout. Additionally, the second floor units were modified to feature vaulted ceilings in the living area. The property has excellent drive-by visibility along Atlantic Boulevard with exposure to over 36,000 cars daily and is less than two miles from the Sawgrass Expressway providing access to over 47.7 million square feet of office within the major employment sectors of Sunrise, Plantation, Cypress Creek, Fort Lauderdale and Boca Raton.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Pearl Flagler Village – the premier midrise apartment community in the emergent Flagler Village neighborhood within Fort Lauderdale, Florida. Comprising 350 apartment homes, this 7-story multifamily building opened and began leasing in January 2019 and units have been quickly absorbed. The property is nearing the end of its lease-up – it is 83% leased and 73% occupied and is projected to stabilize by the end of December. With a 92 Walk Score the property has access to the rapidly expanding nearby amenities and the most active employment market in Broward County. Developed by Morgan Group, the property sets the standard for luxury apartment living with market leading finishes and amenities.
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire Parcel 3B at Las Olas Square, a 15,277-SF site at the epicenter of Downtown Fort Lauderdale. The property has 70 linear feet of frontage along Las Olas Boulevard – the main entertainment and business corridor of Downtown Fort Lauderdale – and is directly adjacent to two of the area’s most iconic developments, Las Olas Square and Icon Las Olas. The liberal RAC – CC zoning allows for a variety of uses including residential, hospitality, office and retail.The site is one the last remaining undeveloped single parcels in Downtown Fort Lauderdale and offers incredible connectivity and walkability to all of the world-class amenities that the area has to offer. With multiple projects underway and planned for Fort Lauderdale, the city is in the midst of an urban revival as the CBD is poised to experience a significant increase in its residential population. Parcel 3B at Las Olas Square presents a compelling opportunity for developers to purchase a trophy development site in Fort Lauderdale’s urban core.
Downtown Coral Gables Location Along Miracle Mile
Fully Leased & Stabilized
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire The Mile (the “Property”) – a boutique, Class-AA, 120 apartment home high-rise located adjacent to downtown Coral Gables and its famed Miracle Mile. Developed in 2016 and owned and managed by Greystar, the Property consists of a mix of one-, two-, and three-bedroom units, along with 3,000 square feet of fully occupied ground floor retail. The Property has exceptional walkability to jobs, dining and nightlife within downtown Coral Gables, resulting in a Walk Score of 92. Further, within a one-mile radius of the Property is 8.3 million square feet of office space. The Mile’s offering is a generational opportunity to acquire a new construction, Miami-Dade luxury high rise apartment community steps from the center of its most affluent and economically robust city.