Historical Multifamily Sale Listing - Boardwalk at Inverrary Apartments

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Boardwalk at Inverrary Apartments

2915 NW 60th Ave, Sunrise, FL 33313

N/A

310 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
310
Building Size:
266,710 SF
Property Type:
Multifamily
Property Sub-type:
Mid/High-Rise
Property Use Type:
Investment
Distressed:
Yes
Cap Rate:
8%
Occupancy:
73%
Listing ID
17683590
Last Updated
over 1 year ago

Description

NAI Tampa Bay, Inc and C-III Realty Services are pleased to present the Boardwalk at Inverrary, Located at 2915 NW 60th Avenue, Sunrise Florida (Ft. Lauderdale). The property offers an investor tremendous upside through repositioning and rehabilitation.
The asset contains 310 apartment units and is a concrete block construction five (5) story three (3) building asset that. All units are individually metered for electric service.
The asset is currently owned by the lender and managed by a third party property manager that can be terminated at closing. The asset is currently 73% occupied which is well under the surrounding general market that is advertised at 95% for the greater Broward County market. We believe this vacancy factor allows a new owner a substantial opportunity to reposition the asset and gain leverage through renovation and raising rents for newly renovated units without disrupting current cash flow.
Property tours are currently being scheduled for June 5th through the 8th, 2012.
Please call to schedule time as soon as possible.

Final offers are due on June 22nd, 2012

Buyer & Brokers Notes:
All buyers must sign a C-A Agreement
All Buyers brokers must be compensated by their client outside of the contract
Cap rate above is stabilized proforma expenses.
Property tours are being scheduled, please contact us to schedule a tour time.

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