New Colony Apartments
Closed5411 NW 27th St, Lauderhill, FL 33313
Property type
Multifamily
Unit / Space count
180
Price
$36,000,000
Building size
175,466 sf
Rentable area
175,466 SF
Year built
1973
Year renovated
Occupancy
Zoning code
Lot size
7.20 Acres
Sold/status
Sold · Date unknown
Sale price
$36000000
Unit mix
140x
2br
Bedroom count
Property description
New Colony Apartments is a 180-unit multifamily community located in the city of Lauderhill, Florida in the heart of Broward County. The property was built in 1974-1975 of concrete block construction, painted stucco exteriors, with flat roofs and sits on 7.19 acres of land. The community is located at 5420 NW 27th Street, just East of NW 55th Ave., South of Oakland Park Blvd., West of Florida’s Turnpike, North of Sunrise Blvd., with ease of access to I-95, I-595, I-75 and Sawgrass Expressway. The neighborhood consists primarily of condominiums, multifamily buildings, and single-family homes that recently have sold for $300k+. With its central location, it provides access to 65 million square feet of office space within a 30-minute drive and major employment hubs such as Memorial Healthcare System (13k Employees), Port Everglades (13k Employees), Fort Lauderdale-Hollywood International Airport (12k Employees) American Express (3.5k Employees) and many others. The subject property consists of (18) two-story buildings with an attractive unit mix of (40) spacious one-bedroom/one-bathroom units measuring approximately 800 sq./ft. and (140) large two-story townhouse-style two-bedroom/one-and-a-half bathroom units measuring approximately 1,000 sq./ft., totaling roughly 175,466 rentable square feet. All units offer fully equipped kitchens, central HVAC and individual water heaters. Common area amenities include an on-site leasing office, two swimming pools, two on-site laundry facilities for additional income and ample parking for residents and their guests. Rent includes water sewer & trash. Residents pay for their own electric. The new owner must assume a Freddie Mac/Walker Dunlop Loan of $17,080,000 and fund a replacement reserve account with the lender of approximately $500,000. The loan has an interest-only period through June 2023 and the opportunity to add a supplemental loan to the capital stack. New Colony Apartments provides an investor the opportunity to purchase an asset where the current owner installed granite countertops in 80% of the units and eight of these with vinyl plank flooring in the common areas, which are achieving a premium rent of $1450+ on new leases. By implementing an interior renovation program and completing the remaining units to the same finish level, rents can raise rents $150 above in place effective rents, representing a 10.97% increase in rents and a proven roadmap to a double-digit cash-on-cash return day one of acquisition, with a high teen IRR.
Property highlights
- Excellent unit mix consisting of 78% 2br townhome style units
- 80% of units have granite counters and all include central HVAC and hot water heaters
- Amenities consist of 2 swimming pools, 2 laundry facilities, leasing office and ample parking
- Located in a Federally Identified Opportunity Zone near Nspire Health Care, Kids Daycare, Colonial Assisted Living Facility and adjacent to single-family homes valued at $300k+
- Central Broward County location with easy access to major thoroughfares such as Florida’s Turnpike, Oakland Park Blvd, SR-7, I-595 & I-95