lauderdale value-add portfolio - loopnet€¦ · lauderdale value-add portfolio offering summary....
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Lauderdale Value-Add
PORTFOLIOOffering Summary
PROPERTY SUMMARY – Cortleigh Apartments
Street Address: 2100 NE 33rd Avenue
City, State, Zip: Fort Lauderdale, Florida 33305
Submarket: Lauderdale Beach
Year Built: 1953
Units: 22
Site Size (SF): 21,971 SF
Site Size (Acres): 0.50 Acres
Average Unit Size: 650 SF
Rentable Multi-Housing SF: 14,310 SF
PROPERTY SUMMARY – 3030 Harbor Apartments
Street Address: 3030 Harbor Drive
City, State, Zip: Fort Lauderdale, Florida 33316
Submarket: Las Olas Beach
Year Built: 1966
Units: 35
Site Size (SF): 17,167 SF
Site Size (Acres): 0.39 Acres
Average Unit Size: 715 SF
Rentable Multi-Housing SF: 25,014 SF
CONSOLIDATED UNIT MIX
Unit Type Unit Count
Studio/Efficiency 4
1 Bedroom / 1 Bath 19
1 Bedroom / 1 Bath (Communal)* 26
2 Bedroom / 1 Bath 2
2 Bedroom / 2 Bath 2
Studio/Efficiency 2
Penthouse 2
Total 57*Communal 1-bedroom’s have shared kitchens.
Jones Lang Lasalle (“JLL”) is pleased to exclusively offer the rare opportunity to acquire a
two-property, value-add, multi-housing portfolio located in Fort Lauderdale, Florida,
Broward County. Totaling 57 units, both communities have undergone moderate
renovations, demonstrating tremendous upside potential through further interior/exterior
upgrades.
Both properties are located in excellent submarkets near large employment centers, world
class retail, desirable dining and entertainment destinations, and less than a 5-minute walk
to the beach. Residents also benefit from easy access to nearby expressways providing for
short commutes to their respective downtown and top suburban employment corridors.
PLEASE NOTE: Both assets may be acquired either together as a portfolio or individually.
Unmatched location just steps away from Fort Lauderdale’spristine shoreline and close proximity to the Fort LauderdaleCBD and International Airport.
One-mile radial average household income for both Cortleighand 3030 Harbor Apartments currently stand at nearly$150,000 and $190,000, respectively, outperforming BrowardCounty’s average of $91,500.
Both properties are located just minutes away fromDowntown Fort Lauderdale and an array of prominententertainment, nightlife and shopping destinations, fine diningoptions and necessity retail.
Average rents within the Fort Lauderdale MSA continue toclimb, having increased by nearly 4.5 percent since 4Q14 tostand at $1,875 as of 4Q19.
Incredible opportunity for an investor to achieve additionalincome growth through continued interior and exteriorupgrades. Both assets’ superb positioning within the rapidlygrowing city of Fort Lauderdale and almost immediate accessto the beach further enhances their upside potential.
Copyright © Jones Lang LaSalle IP, Inc. 2019
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publication. Jones Lang LaSalle Americas, Inc., California license # 01223413. Jones Lang LaSalle Americas, Inc. License # 19262.
Any opinion or estimate of value of any asset in this presentation is based upon the high-level preliminary review by JLL. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the
Uniform Standards of Professional Appraisal Practice. JLL expressly disclaims any liability for any reliance on any opinion or estimate of value in this presentation by any party.