Berkadia Real Estate Advisors is pleased to present the opportunity to acquire Lucaya Delray (The “Property”), a 172-units-out-of-324 (53% ownership) fractured condominium with full control of the board, built in 1974-1983, at the intersection between S Congress Avenue and Linton Boulevard, one minute from I-95, and five minutes from Downtown Delray Beach.

The community spans across 22 acres in 81 two-story, CBS, four-plex buildings. The property consists of all two-bedrooms averaging 913 square feet. With average rents of $1,800, Lucaya boasts leases that are significantly below market, offering a buyer upside through both organic rent growth and value-add potential. In addition to rent upside, a buyer could start charging for storage units that are currently free of charge with all units. There is also the opportunity to acquire more individual units within the community below cost basis.

The HOA has undergone significant investments in capital expenditures over the last few years, totaling over $3.5 million.

• Strong Going-in Cash Flow
• Value Add Potential: $300 rent premium through a value-add program renovating all 172 units
• All 2-bedroom units renting significantly below market – Average rents of $1,800, significantly below comps
• $3.5M in capex over the last few years: Including most roofs replaced, all electrical panels, and over 50% of HVACs
• Strong Location: Situated on nearly 22 acres, at the intersection of S Congress and Linton, one minute from I-95 and 5 minutes from Downtown Delray and the Beach
• Opportunity to acquire more individual units below cost basis