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Just Listed: South Florida Waterfront Condo-Hotel for sale
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2602 E Hallandale Beach Blvd.,
Hallandale Beach, FL 33009
Berkadia Hotels & Hospitality (“Berkadia”) is pleased to offer, on an exclusive basis, the opportunity to acquire the Beachwalk Elite Hotels and Resorts a condo-hotel located in Hallandale Beach, FL consisting of:
Located a short three-minute walk from the beach along the intercoastal waterway overlooking the Atlantic Ocean, the 300-unit Beachwalk Resort is an upscale 33-story high-rise condo-hotel developed in 2015 by Related Group.
With the acquisition of the exclusive rights to manage the hotel operation, a new owner will have the opportunity to reap a variety of benefits. By providing a compelling value proposition, a new owner could attract a critical mass of condo owners to join the rental program, which could drive revenue growth and enhance the reputation of the property. A new owner will also have the opportunity to increase the revenue at the bistro through food and beverage operations.
Exclusive evergreen hotel operator license issued by the state of Florida and City of Hallandale
Exclusive state-issued F&B and liquor licenses
Easement rights for operating independent valet service and outdoor restaurant.
Signage Rights
Opportunity to Affiliate with Major Brand
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Executive Summary
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Diverse Market with Favorable Lodging Demand Conditions
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Premier Upscale Product with Significant Value-Add Potential
Prime Waterfront Location Walking Distance from the Atlantic Ocean
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Through 4th quarter of 2022, year over year rent growth in downtown Colorado Springs is over 8%, outpacing market wide rent growth of 6.5%. The downtown Colorado Springs submarket has the highest average rent per square foot at a $1.96, outpacing the market wide average of $1.78. Class A rents in the submarket are the highest in the market with an average rent/sf of $2.72.
Investment Highlights
Strong Submarket Fundamentals
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Walking distance to the brand-new soccer stadium Weidner Field. Weidner Field is home to the tier 2 professional soccer club the Colorado Springs Switchbacks and also hosts events and concerts. Walking distance to the new US Olympic and Paralympic Museum.
Investment Highlights
Weidner Field & US Olympic Museum
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Walk Score of 71 (most errands can be accomplished on foot) with numerous bars, restaurants, and retail options. Walking distance to 4.9M total square feet of occupied office space supporting 26K jobs.
Investment Highlights
Desirable Downtown Colorado Springs Location
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The property has 1.73 parking ratio with 102 total spaces including 10 two car tuck under garages, 12 one car tuck under garages, and 69 surface spaces.
Investment Highlights
Ample Parking and Garage Space
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The property is currently under construction with the first building expected to deliver in June/July with the second building to deliver in the third quarter of 2023.
Investment Highlights
New Construction with Expected 2023 YOC
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Profits from the sale of an asset that are invested in a Qualified Opportunity Fund (QOF) within 180 days from the transaction date have capital gains taxes fully deferred through December 31, 2026. If the investor holds the investment in the QOF for at least 10 years, the investor is eligible to elect to adjust the basis of the QOF investment to its fair market value on the date that the QOF investment is sold or exchanged. Acquiring the property with reinvested gains prior to placing the asset in service (reception of the temporary certificate of occupancy) and holding the property for a minimum of ten years will step-up the basis of the property to fair market value upon disposition.
Investment Highlights
Pre-TCO Opportunity Zone Investment
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300
UNITS
Rental keys Under Agreement
Stories
46
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PROPERTY OVERVIEW
Investment Highlights
Transient Rental Units: 216 (432 keys) Residential Units: 84
Opened Date
2015
Area
1.67 AC
LOCATION
Hallandale Beach is a city located in Broward County, FL. It is a popular tourist destination that boasts a variety of recreational activities for visitors. Other than the beach, The Gulfstream Park and Casino featuring thoroughbred horse racing, a casino and a mix of dining and entertainment options is five minutes from the property. Aventura Mall, one of the largest and most visited luxury and upscale shopping malls in the country is only a 10-minute drive from the building.
GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Vice President
561.609.4018
michael.basinski@berkadia.com
michael basinski
Mortgage Bankers
Senior Financial Analyst
404.452.1110
harry.mancera@berkadia.com
Harry M. Mancera
Director
786.646.2587
mabelle.perez@berkadia.com
Mabelle Perez
Investment Sales
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