Fort Lauderdale Office
Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire Icon Las Olas – an iconic 44-story residential high-rise overlooking historic Las Olas Boulevard, the Atlantic Ocean, downtown Fort Lauderdale and the New River.This coveted and irreplaceable asset opened in October 2017, and is comprised of 272 luxury residences and three top-rated restaurants: Etaru Japanese Bar + Grill, Salt Seven Modern Eatery & Lounge and IT! Italy Café.
A Trophy Residential Tower
Rising 44 stories, Icon is the tallest building in Fort Lauderdale. Suspended atop the skyline and nestled between Las Olas’ preeminent high street and the New River, Icon presents unobstructed views of the ocean, downtown and Las Olas Boulevard. An asset of this awe-inspiring height, condominium quality finish, architecture and irreplaceable location, make it a rare acquisition opportunity and the premier asset of an investment portfolio for generations as it commands the center of a major downtown.
Superior Asset Quality and Unit Sizes
Built with the most discerning residents in mind, Icon Las Olas sets a new standard of excellence. The building’s unique curvature, glass façade, and sheer height evoke feelings of opulence. All units feature floor-to-ceiling glass, interiors designed by internationally recognized Steven G., and exceptional interior finishes that include built-in Sub Zero and Bosch appliances. Average unit sizes are a remarkable 1,516 square feet, dwarfing the market average by over fifty percent.
Performance Fueled by Affluence
Icon Las Olas has performed in record setting fashion as the market enthusiastically responded to the ultra-luxury niche. The property has achieved stabilization in just over 12 months while boasting an affluent tenant base with the highest household incomes in South Florida, placing the rent to income ratios comfortably below market norms.
Fort Lauderdale, FL 33301
The DeSota, a landmark multifamily investment opportunity in the affluent community of downtown Sarasota, Florida sets a new standard for rental living on Florida’s west coast. Large, condo-quality units, extensive community amenities and an irreplaceable location create an upscale lifestyle experience that is unrivaled in the region. The DeSota’s residents enjoy ultimate walkability and retail convenience resulting from over 15,000 square feet of (fully-leased) retail space within the building, Whole Foods Market across the street and Starbucks just one block away. Completed in early 2018, The DeSota offers a discerning investor the opportunity to acquire a premiere quality asset in an incredible, affluent market.
Sarasota, FL 34236
Fort Lauderdale, FL 33316
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.
Cushman & Wakefield is pleased to present 5 Palms, a AAA boutique condominium in the heart of Boca Raton. There are 8 out of 16 luxury condominiums available for purchase. The 8 units are all 3bd/3ba averaging 2,525 square feet. The building totals 9 stories, with two units per floor. Each unit has direct elevator access. The 8 units are currently 100% rented. The 8 units have actual rents totaling $46,955 per month - $563,460 per year. A unit sold in September 2018 within the building for $815,000 - $323 PSF. Previous sales have been up to $1,075,000 - $426 PSF. This is a rare opportunity to acquire the majority of the units within an ultra-luxury condominium development below retail sales within the market.
Centrally located in the heart of Boca Raton, 5 Palms offers 24-hour doorman/concierge service, two parking spaces per unit, stainless steel swimming pool, private access elevators, terraces, lush landscaping and Zen-influenced water, closed circuit security system with surveillance and keyless entry, chef inspired, European style kitchens with a wet island and loaded with sleek stainless steel appliances including a 24 bottle wine chiller and beautiful marble bathrooms featuring Hansgrohe and Toto Fixtures.
5 Palms is located on Palmetto Park Road in the heart of East Boca Raton. The property is a walker’s paradise. Residents are a short stroll from the beaches, as well as an abundant amount of high-end restaurants and shops located along Palmetto Park Road and in Mizner Park, a high-end Spanish-styled mixed use center that offers boutiques, retail shops, dining, music, events, museums, and movies.
Boca Raton, FL 33432
St. Petersburg, FL 33714
Tarpon Harbor is the newest Class-A rental community in the Florida Keys. The property offers an exceptionally rare opportunity to acquire only one of nine rental communities over 100-units in the entire Florida Keys. 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. Tarpon Harbor offers an immediate critical mass of units in a market where the demand for rentals significantly outpaces the supply. Located on the water, adjacent to Florida Keys Marathon Airport, the property features 106 spacious townhome units that average 1,293 square feet, including sixty-two 2 bed/2.5 bath units at 1,092 square feet and forty-four 3 bed/2.5 bath units at 1,577 square feet. The property provides 450 feet of open water views on the Atlantic side of the Island and includes fourteen 32-foot boat slips. The property is 99.1% occupied with twelve month leases.
Marathon, FL 33050
Palm Beach, FL 33480
Tampa, FL 33603
Miami Beach, FL 33141
Bay Harbor Islands, FL 33154
North Miami, FL 33181
Cushman & Wakefield, as exclusive advisor is pleased to present the opportunity to acquire Elan Maison, a brand new, 394-apartment home community located with greater Ft. Lauderdale. The property recently stabilized by averaging over 30 leases per month.
Elan Maison redefines the standard for apartment living being the only garden-style apartment with enclosed air-conditioned corridors and cutting-edge finish levels both inside the units and throughout the common areas. It has unmatched accessibility along I-595 with direct access the major South Florida Roadways.Elan Maison is being offered for the first time to the market by its developer, nationally recognized Greystar.
Davie, FL 33314
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire NoMia Land: a ±1.88-acre site located at the intersection of one of North Miami’s most traveled thoroughfares at NE 135th Street (47,000 vpd) and NE 6th Avenue (26,000 vpd). The site is within the newly established Neighborhood Redevelopment Overlay district (NRO) that allows up to 100 units per acre and a building height of up to 110 feet, allows for 188-units with a minimum average of 750 square feet. The site zoning allows for a variety of uses including residential, commercial, hotel, mixed use and assisted living.
The site serves as a “Main and Main” location within the City of North Miami. The site is approximately 1.5 miles from I-95 and Biscayne Boulevard, allowing easy access to the areas major thoroughfares. Moreover, the site is walking distance to Arch Creek Elementary and North Miami Middle and High Schools as well as the North Miami Downtown District located on NE 125 Street.
North Miami, FL 33161
Pompano Beach, FL 33060
Sanford, FL 32771
The Cushman & Wakefield Multifamily Advisory Group is pleased to present 6484 Indian Creek Drive, a waterfont land lease opportunity on Miami Beach. The land totals +/- 53,000 square feet. Currently on the site there is a 102-unit coop. The property was built in 1957. The land lease expires June 30, 2055 (almost 37 years left). The land lease totals approximately $65,000 per year in net income to the land lease holder.
Miami Beach, FL 33141
Brookhaven, GA 30319
Irmo, SC 29063
Raleigh, NC 27609
Mt. Pleasant, SC 29464
Atlanta, GA 30324
Cushman & Wakefield, as exclusive advisor, is pleased to present an urban infill investment opportunity to acquire JOYA – a premier transit-oriented, 431-apartment home, 12-story asset located in Miami, Florida. With thoughtful unit layouts in a mix of flats and two-story townhomes, JOYA offers the largest floor plans in the market with an average unit size of 1,105 square feet. The property opened in February 2016 setting the standard for luxury apartment living while offering the most expansive amenities compared to its competitive set. Located within Dadeland, JOYA is less than five minutes from 1.5 million square feet of office and over 2 million square feet of retail. JOYA is also walkable to the Metrorail providing access to the other main employment corridors of Coral Gables, Downtown Miami and Miami’s Health District. Developed by nationally recognized Wood Partners, JOYA’s design elements and presence will stand the test of time.
Miami, FL 33143
- Gross Potential Rent: Per latest rent roll as of 5/15/2018, Gross Potential Rent is at $269,827 per month or $3,237,924 if annualized. This includes asking rents for 7 vacant units, 10 units under renovation and 3 non-revenue units as well as contract rents for the remaining 185 units.
- Vacancy: Current Ownership has initiated a renovation program where over the past several months, they have renovated 122 units. As such, vacancy has increased beyond typical levels due to the extended turnover required. Nevertheless, excluding the down units, occupancy levels on the remaining active units have been consistently at or above 95%. Cushman & Wakefield assumed a typical vacancy rate of 5.0% which is in-line with area averages.
- Water/Sewer Expense and Reimbursement: Renovated units are sub-metered and billed to tenant as opposed to non-renovated units which are not. As more and more units turn over and get renovated, water/sewer expense is expected to decrease.
- Repairs & Maintenance: Due to the heavy renovations performed to the 122 units, it is expected that some expenses that were correlated to the renovation program were classified as R&M and vice versa. Cushman & Wakefield expects R&M to return to levels of $350/unit post renovation which is consistent with area and vintage averages.
Miami, FL 33179