VIDEO TOUR

THE OPPORTUNITY

The Club at Emerald Waters presents a new investor rental upside through renovations and multiple exit strategies to capitalize on the investment in the future. Plans are being finalized for two new development opportunities presented by the site. The first is to build an additional 80-100 units in the interior of the site. These new units would be built in the same midrise, elevator-serviced style as the existing complex and we envision those units achieving a significant rent premium compared to the current units. In addition to these new residential units that can be delivered into the marketplace, you will have the option once approved to build multi-bay retail of approximately 10K square feet that sits on the hard-signalized corner of Stirling Road and North 56th Avenue.

The development opportunities presented by the asset allows a new investor to decide when or if they will follow through with the buildout or leave it to the next group. One potential exit would be to continue the renovations on the existing units, of which approximately 99% are in ‘classic’ condition, then sell the asset to a developer. Another way to unlock value would be to partition and sell off the retail development play separately once approvals are in hand.

With a multitude of ways to generate superior risk-adjusted returns, The Club at Emerald Waters presents a new owner with obvious renovation upside and a few ‘out-of-the-box’ options for maximizing return on investment.

Year Built

1985

Stories

4-Story

Roofs

Flat

Total SF

228,336

Average Asking Rent

$1,351 or $1.78/SF

Buildings

6

Construction

CBS

Units

300

Average Unit SF

761

Average In-Place Rent

$1,277 or $1.68/SF

Community Amenities

Elevator Served (One Elevator in Every Building)

Swimming Pool

Tennis Court

Fitness Center

Club House

Playground

Dog Park

6 Laundry Facilities (One in Every Building)

600 Parking Spaces for 300 Units

Stand-Alone Rental Office

Interior Amenities

Waterview*

Private Balconies / Patios

Package Terminal Air Conditioners (PTAC)

Vinyl-Plank Floors*

Tile Floors*

Stainless Steel Appliances*

Dishwasher*

New Kitchen Cabinets*

New Kitchen and Bathroom Countertops*

LOCATION

PHOTO TOUR

CONTACT US

Tal Frydman

Senior Director

Tal.Frydman@berkadia.com

561.609.4015

 

Yoav Yuhjtman

Director

Yoav.Yuhjtman@berkadia.com

561.609.4014

 

Nicholas Perrone

Director

Nicholas.Perrone@berkadia.com

561.609.4007

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