Mamaroneck, New York – August 31, 2021 – LRE Management LLC (“LRE”) announced that an entity in which it has an 85% equity interest completed the acquisition of the Vue on 67th (“the Property”), a 178-unit multifamily property located in Davie, FL, within the Miami-Fort Lauderdale MSA. An LRE related entity contributed $12 million of equity in connection with the acquisition and anticipated improvements to the property.
Built in 1972, and renovated in 2020, this well-maintained community has 124 one-bedroom and 54 two-bedroom units. Previous ownership completed a $6MM value-add renovation just prior to Covid, leaving significant upside in the rental income as the Property captures the rental increases being achieved in the South Florida market. LRE also plans to upgrade the remaining 40% of classic and partially renovated units to the full upgrade package, which includes quartz countertops, new kitchen cabinets, stainless steel appliances and the addition of in-unit washer and dryers, a unique feature for a property of the vintage.
The property is well located in the heart of Central Broward County amongst several of South Florida’s major employment centers, 15 minutes to downtown Ft. Lauderdale and has nearby access to I-595, I-95 and the Florida Turnpike with connectivity to Miami Dade and Palm Beach counties. Broward County is recognized as one of the nations fastest growing counties with a projected 9.2% population growth rate from 2020 to 2025. The Property is adjacent to the South Florida Education Corridor, a consortium of 5 colleges with over 55,000 students.
“We are excited to acquire our second Florida asset and our first in South Florida, one of the fastest growing markets in the country in terms of both population and job growth. The Property is positioned extremely well in the Davie market, offering an upscale product at an affordable rent relative to nearby newly built properties”, shared Eric R. Londa, Managing Partner at LRE.
LRE acquisitions have focused on the Sun Belt region, encompassing the states found in the Southeast and Southwest, targeting apartment communities in high growth markets where there is a supply-demand imbalance and secondary and tertiary cities with solid fundamentals.
