Executive Summary
111-units-out-of-260 Fractured Condominium Community with Full Board Control Located in Coral Springs, FL
Berkadia Real Estate Advisors is pleased to present the opportunity to acquire Crescent Cove (The “Property”), a 111-units-out-of-260 (43% ownership) fractured condominium community with full control of the board spanning 13 acres fronting W. Sample Road in Coral Springs, Florida.
The property consists of all one- and two-bedrooms averaging nearly 900 square feet. With average rents of $1,844, Crescent Cove boasts leases that are below market value, offering a buyer upside through both organic rent growth and value-add potential. There is also the opportunity to acquire more individual units within the community to unlock further value.
The HOA has undergone significant investments in capital expenditures over the last few years, including HVAC, roofing, and appliances.
$200+ Value-Add Upside Proven by Rent Comps
In addition to the strong cash flow on day one, Crescent Cove is positioned for a future investor to implement a renovation program to achieve further yield. Berkadia assumes upgrades across all 111 units to achieve a $200-per-unit premium over current in-place rents. We are assuming a renovation cost of $10,000 per unit, which results in a 24% ROI.
Insulated from Supply Pipeline
With only 353 units under construction, Crescent Cove is heavily insulated from any new development concerns. With average rents at Crescent Cove nearing $1,850, all competing new vintage rentals are commanding a 45%+ premium, catering to a different tenant base.
Significant Discount to Replacement Cost
The Property’s location is key in contextualizing replacement cost (or lack of land to replicate an existing asset).The combination of limited land left for development and rising construction costs has continuously driven up replacement costs. This situation strengthens Crescent Cove’s competitive edge, paving the way for significant rent increases and exceptional long-term property performance.
Property Details
Address
8300 Coral Lake Lane,
Coral Springs, FL 33065
Year Built
1987
Units
111/260 (43% Ownership)
Occupancy
94.60%
Avg Rent
$1,844
Avg SF
895
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Contact Us
Boca Raton
5100 Town Center Circle
Suite 550
Boca Raton, FL 33486
Miami
1111 Brickell Ave
Suite 1650
Miami, FL 33131
Investment Sales
Yoav Yuhjtman
Senior Director
786.853.5555
[email protected]
Omar Morales
Senior Director
305.878.2278
[email protected]
Jaret Turkell
Senior Managing Director
561.573.6140
[email protected]
Gabriel Rondon
Financial Analyst
305.260.4942
gabo.rondon@berkadia com
Mortgage Bankers
Brad Williamson
Managing Director
954.621.6072
[email protected]
MICHAEL BASINKSI
Director
561.609.4018
[email protected]
8300 Coral Lake Lane, Coral Springs, FL 33065
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 company business in Nevada.
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