Contact
Photo Gallery
Key Highlights
The Opportunity
Doc Center
Privacy
Terms of Use
6155 2nd St, Key West, FL 33040
THE ONLY NEW CONSTRUCTION, WATERFRONT MULTIFAMILY PROPERTY IN THE HIGHEST BARRIER TO ENTRY MARKET IN THE COUNTRY: KEY WEST, FL
The Opportunity
Berkadia Institutional Solutions is pleased to present the opportunity to acquire Wrecker's Cay, a 280-unit luxury, waterfront property fronting the US-1 in Key West, Florida, the highest barrier to entry market in the country. Wrecker's Cay is the only new construction multifamily property in Key West and the largest developed in the last 50 years, built on a 9-acre site. The property boasts luxurious units with high-end amenities, including a resort-style pool with ocean view, and a well-equipped fitness center.
Key West is an impossible market to enter. There is virtually no land remaining for new construction, and Monroe County's residential construction is limited by the Rate of Growth Ordinance (ROGO) - a building moratorium prohibiting new construction. From 2026, no new building permits will be approved.
Wrecker's Cay is expected to qualify for the recently passed Live Local Act, as it is part of Monroe County's affordable housing program. Taxes at the property can be reduced by over 80%, which is more than $600,000 in real estate savings, after formalizing the application process and getting accepted. Out of the 280 units, 70 units are capped at 80% of AMI, 98 units at 100% of AMI, and the remaining 112 units at 120% of AMI. Based on the qualifications released to date, Wrecker's Cay is expected to qualify for SB-102.
Photo GALLERY
Visit Doc Center
Visit Doc Center
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/.
Yoav Yuhjtman
Senior Director
786.853.5555
yoav.yuhjtman@berkadia.com
Roberto Pesant
Senior Managing Director
305.975.5956
roberto.pesant@berkadia.com
Jose Mota
Associate
561.609.4013
jose.mota@berkadia.com
Wouter Lips
Financial Analyst
305.260.4942
wouter.lips@berkadia.com
Jaret Turkell
Senior Managing Director
561.573.6140
jaret.turkell@berkadia.com
CONTACT Us
BACK TO TOP
Miami
1111 Brickell Avenue
Suite 1650
Miami, FL 33131
Boca Raton
5100 Town Center Circle Suite 550
Boca Raton, FL 33486
Investment Sales:
Omar Morales
Associate Director
305.878.2278
omar.morales@berkadia.com
Mortgage Banking:
Scott Wadler
Managing Director
561.445.4891
scott.wadler@berkadia.com
QUICK STATS
280
UNITS
$600K SB-102
Tax Savings
Only new construction
in Key West
INVESTMENT HIGHLIGHTS
01
The Highest Barrier to Entry Market in the United States:
The Florida Keys are subject to a building moratorium known as Rate of Growth Ordinance (“ROGO”). ROGO is linked to evacuation events of the Keys, which are not allowed to exceed 25 hours. Multifamily pre-planning process and negotiations with the City alone can take 3-5 years and significant costs. In addition, the Florida State government introduced legislation in 1972 that would halt all new building permits in the Florida Keys in 2026.
02
SB-102 – Massive Tax Savings:
Wrecker’s Cay is an affordable property with 70 units at 80% of AMI, 98 units at 100% of AMI, and 112 units at 120% AMI and expected to qualify for significant tax savings under the recently passed SB-102 law. Estimated tax savings would be roughly 80%.
03
Newest Class A Waterfront Community in the Keys:
Key West only has 14 multifamily properties, 11 of which are at least 15 years old. Wrecker's Cay is the only opportunity to acquire a new construction multifamily property in Key West.
04
Record Fast Leasing Velocity:
Total lease-up time for Wrecker’s Cay was 7 months. During the lease-up, the limiting factor was the TCO schedule for the property, not demand. Units were leased immediately after becoming available.
05
The Ultimate Live-Work-Play Destination:
Residents in Wrecker’s Cay will enjoy a holiday-like lifestyle near tropical beaches and entertainment destinations without any significant commute from their work or home.
6155 2nd St, Key West, FL 33040
Key Highlights
The opportunity
DOC CENTER
Terms of Use
Privacy
Photo Gallery
Contact
BRAD WILLIAMSON
Managing Director
786.646.2580
brad.williamson@berkadia.com
Call For Offers: JULY 19
NOW SCHEDULING TOURS