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Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire Moda North Bay Village (the “Property”) – an iconic 8-story midrise located on 4.5 acres on the northernmost point of the North Bay Village islands in Miami Beach and overlooking Biscayne Bay. The property was developed in 2015 by ZOM and comprises 285 luxury apartment homes with an average unit size of just over 1,000 square feet. The property has 1,400 feet of water frontage providing water views for 100% of the units, as well as water access via the marina on the property. A variety of amenities are available to residents including two pools, access to kayaks and paddleboards, and boat/jet ski dockage. Moda is also the newest of four market-rate apartment communities in Miami-Dade to offer an onsite marina. Residents can enjoy ease of commute to downtown Miami/Brickell and Aventura which provide a mix of employment, retail and nightlife. Moda is also less than three miles from the pristine beaches of Miami.

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Moda North Bay Village
285 Units
8000 West Drive
North Bay Village, FL  33141
Closed: 12/8/2021

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Card Sound Apartments (the “Property”) – a 105 unit garden style apartment community located in Miami-Dade, Florida.

The property was built in 1974 and gut renovated in 2012 with the intent to sell units as individual condos. No units were ever sold and ownership controls 100% interest in the property. The property is 98% occupied and has maintained a 95%+ occupancy over the past few years. With in-place rents averaging only $833 per unit, there is over $100 per unit upside potential through a minimal value add program.

The property is walking distance to the soon to be built Bus Express Rapid Transit (BRT) corridor. This estimated $300 million project will provide seamless access to the Dadeland South Metrorail Station. The immediate area around the property has among the highest population growth rates in Florida.

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Card Sound
105 Units
27707 S Dixie Highway
Homestead, FL  33032
Closed: 11/30/2021

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Mareas at Botanica (the “Property”) – a Class-AAA, 408-unit luxury garden apartment home community located in Miami, Florida. The property recently stabilized and offers an investor the opportunity for an additional 192-units within the future Phase II of the property. Designed with a commitment to quality, the property is set on 18 acres within 18 three-story buildings and an average unit size of 1,035 square feet. Mareas at Botanica also features 34 detached garages along with an expansive amenity package highlighted by the two-level 11,000 square feet clubhouse.

Centrally located along SW 152nd Avenue, the property has exposure to 53,000 cars daily and is located one mile from the Florida Turnpike, proving access to the major employment markets of Coral Gables, Downtown Miami, Blue Lagoon, Doral and Downtown Dadeland. Mareas at Botanica is also walkable to 230,000 square feet of retail anchored by a Walmart with a grocer, Starbucks, Panera Bread, Chili’s and PDQ.

Mareas at Botanica is being offered for the first time by its developer, Ram Realty Advisors and presents a rare opportunity to acquire a newly built, suburban garden apartment community in the epicenter of one of Miami’s fastest growing cities.

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Mareas at Botanica
408 Units
15520 SW 127th Avenue
Miami, FL  33177
Closed: 11/30/2021

Cushman & Wakefield, as exclusive advisor, is pleased to present a multifamily investment opportunity to acquire Town Lantana (the “Property”) – an increasingly scarce east of I-95, new construction, luxury garden apartment development of 360 apartment homes in the growing area of Lantana, Florida. The property is comprised of 14 three-story buildings walk-up units averaging 947 square feet that are serviced by detached garages and car ports. Town Lantana is located less than 0.5 miles from I-95 and 1-mile from the beach.

The community is a short distance from millions of square feet of high-paying jobs in Boca Raton, Downtown Delray Beach and the Central Business District of West Palm Beach. The property also has tremendous access to Lantana Blvd (35,500 cars daily) and will have future walkability to 125,000 square feet of retail that is under construction. The property opened in January of 2020 and has quickly moved through the lease-up process in part due to its market-leading luxury finishes and unmatched amenity offering and a rare low-density setting of 22 units per acre.

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Town Lantana
360 Units
1001 Watertower Way
Lantana, FL  33462
Closed: 11/17/2021

Cushman & Wakefield, as exclusive advisor, is pleased to present Courtyards at Cutler Bay (the “Property”) – a 144-unit, value-add residential asset located in rarely traded Miami, Florida. The three-story, garden-style property was built in 1966 and sits on a 6.98-acre site. The property provides a favorable unit mix with 60% of the units being two bedrooms.

There is upwards of $470,000 in rental upside at the property through loss-to lease burn off and value add:

1) Loss-to-lease: There is $250,000 in loss-to-lease that can be recognized at the property by leasing the units at today’s market rents which is $1,225 for a one bedroom and $1,450 for a two bedroom. Recent leases have been executed at even higher numbers.

2) Value Add: There is an additional $220,000 in value-add upside at the property. Ownership has fully renovated 28 units. Fully renovated units are achieving rent bumps up to $350 per month compared to classic-finish units.

The property has its 40-year certification and over $700,000 in recent improvements. This includes all impact windows, exterior paint, and upgraded security camera systems. All units have been updated, 28 of which to the highest level of finishes including vinyl plank floors, baseboards, removal of popcorn and retexturing, new kitchens and vanities, granite tops, new stainless appliances, new A/C units, new plumbing lines, water heaters, light fixtures. Between loss-to-lease burn off and value add there is almost about $500,000 in recognized income potential at the property.

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Courtyards at Cutler Bay
144 Units
19800 SW 110th Court
Miami, FL  33157
Closed: 10/26/2021

Cushman & Wakefield, as exclusive advisor, is pleased to present a multifamily investment opportunity to acquire The Shenandoah (the “Property”) – a 24-unit, fully renovated residential asset in the heart of Miami, Florida.

All 24 units are two bedroom/ one bathrooms and have recently been gut renovated with high end finished. Current ownership spent over $2.4 million in improving the property in 2020. This includes hurricane impact windows, new electrical/plumbing, complete interior renovations with new tile flooring, granite counter tops/new kitchen cabinets, stainless steel appliances, and new glass shower tubs and vanities security cameras/ secured building access, exterior paint and resealing/striping parking area. Roads were replaced in 2014. The property offers an onsite laundry facility as well as a leasing office.

The property is 100% occupied. The current gross income at the property is $460,980. New construction two-bedroom units in the immediate rent up to $1,756 and average rents in the submarket are $2,298 with two bedrooms averaging $2,516.

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The Shenandoah
24 Units
2162 SW 14th Terrace
Miami, FL  33145
Closed: 10/15/2021

Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire Modera Metro Dadeland (the “Property”) – a transit-oriented, urban infill 25-story high-rise located in Miami, Florida, with tremendous walkability and regional connectivity via access to the Metrorail.

Developed by nationally recognized Mill Creek Residential, Modera Metro Dadeland was completed in 2018 and is comprised of 422 luxury apartment homes. The Property was meticulously designed to provide residents elegant unit features and expansive amenity space. Thus, it has attracted a sophisticated demographic with an average age of 38 and average household income of $147,000.

Modera Metro Dadeland’s quality energy efficient construction with LEED Silver Certification and irreplaceable location position the property for long term, sustainable cash flows in a rapidly growing market.

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Modera Metro Dadeland
844 Units
8215 SW 72nd Avenue
Miami, FL  33143
Closed: 9/27/2021
Cushman & Wakefield is pleased to offer 2700 Wynwood, a 1.25 acre landmark development opportunity centrally located on NW 2nd Avenue, Wynwood’s most prominent address. Wynwood is globally recognized as one of Miami’s popular entertainment hotspots. 2700 Wynwood is zoned to permit a broad range of uses, including residential, retail, hospitality and office, among others. Zoning allows building heights up to 8 stories (with bonuses) and the permitted “by-right” residential density is 150 units per acre. (Density can be increased 50% to 225 units per acre through Trust Fund contributions). The property is ideally suited for intense mixed-use development designed to optimize its main and main location at the heart of Wynwood.
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2700 Wynwood
   
2700 NW 2nd Avenue
Miami, FL
Closed: 9/22/2021

Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire LaVida Apartments at Blue Lagoon (the “Property”) - a Class-AAA, 272-apartment-home, luxury midrise residential community located in Miami, Florida. The property is strategically located just minutes south of Miami International Airport at the key intersection of the Dolphin and Palmetto Expressways. Situated at the perimeter of Waterford Business District - the 250-acre Class “A” office park, LaVida provides a true live-work opportunity to over 12,000 campus employees.

LaVida Apartments at Blue Lagoon is being offered for the first time by its developers, Pinnacle and Ascend Properties, and presents a rare opportunity to acquire a new construction, stabilized Miami-Dade luxury apartment community within the picturesque Blue Lagoon neighborhood of Central Miami.

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LaVida
272 Units
6600 NW 7th Street
Miami, FL  33126
Closed: 9/15/2021

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.

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Emerald Landings
20 Units
7561 NW 88th Terrace
Tamarac, FL  33321
Closed: 8/31/2021

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.

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Ocean House Nobe
186 Units
7750 Tatum Waterway Drive
Miami Beach, FL
Closed: 8/31/2021
Cushman & Wakefield, as exclusive marketing advisor is pleased to present Vue on 67th, a garden-style apartment community consisting of 178 units located in Davie, Florida. The project was developed in two phases, Phase I completed in 1973 and Phase II completed in 1974. The property features a unique unit mix of one- and two-bedroom units with an average unit size of 714 square feet. Vue’s Central Broward location with easy access to I-595, allowing residents to benefit from direct access to Plantation’s Midtown Business District, Sawgrass Corporate Park, Fort Lauderdale CBD and the adjacent South Florida Education Center. Vue has undergone renovations to approximately 75% of its units and have been achieving premiums of up to $425+.
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Vue on 67th
178 Units
4199 SW 67th Avenue
Davie, FL  33314
Closed: 8/24/2021

Cushman & Wakefield, as exclusive advisor, is pleased to present Residences Uptown Boca, a brand new, 456-apartment home, Class AAA residential community located in Boca Raton, Florida.

Boca Raton is sought after for its A-rated schools, thriving retail corridors and tremendous access to employment. The property is walkable to the newest and most desirable retail in the area which includes 158,000 square feet and will be anchored by a high-end grocer. The property is adjacent to the 100-acre Jewish Federation of South Palm Beach County. This site includes schools, assisted living and community centers and is the largest of its kind in the US. Uptown Boca’s location provides access to over 18 million square feet of office space and over 125,000 jobs.

Residences Uptown Boca’s architecture and five-story design make a stunning impression. Its apartment homes have unrivaled asset quality, best-in-class finishes and thoughtful touches catering to the highest renter profile. The property opened in November and has averaged over 45 leases per month demonstrating the strength of the property and the market.

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The Residences Uptown Boca
456 Units
20940 Uptown Avenue
Boca Raton, FL  33428
Closed: 8/5/2021

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.

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Village at Boca East
84 Units
1601 NW 13th Street
Boca Raton, FL  33486
Closed: 8/2/2021
Ocean Bay is a 20-unit turnkey waterfront community on Miami Beach. The property has been fully renovated with over $950K in improvements, including: new impact windows, new electrical and plumbing, new roof, new stucco/waterproofing and paint, new railings and entry gate, new a/c units, new kitchen cabinetry with marble tile backsplash and granite countertops, all new appliances, updated bathrooms with bathtubs and vanity cabinets, and new community washers/dryers. Ocean Bay features new outdoor amenities including a new courtyard with seating, outdoor BBQ area and picnic tables overlooking the Tatum Waterway. The property is available below the replacement cost to acquire and renovate comparable properties in the immediate area.
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Ocean Bay
20 Units
8260 Byron Avenue
Miami Beach, FL  33141
Closed: 7/16/2021