The Sands at St. Lucie
Closed2750 S Us Highway 1, Fort Pierce, FL 34982
Property type
Multifamily
Unit / Space count
320
Price
$32,200,000
Building size
323,573 sf
Rentable area
323,573 SF
Year built
1998
Year renovated
Occupancy
Zoning code
Lot size
33.27 Acres
Sold/status
Sold · Date unknown
Sale price
$32200000
Bedroom count
Property description
The Sands at St. Lucie Apartments is a 320-unit multifamily community located in Fort Pierce, in St. Lucie County. The property is comprised of 21 two-story buildings that were built in 1998. Each building features pitched shingle roofs with frame stucco exterior walls. The community features a unit mix that includes 208 2Bed 2Bath units (857 SF) & 112 3Bed 2Bath units (1,111 SF). The Sands at St. Lucie Apartments is a quiet and serene community surrounded by conservation and pond views. The 21 apartment buildings sit right across the street from the 5-acre Heathcote Botanical Gardens and near several major employers including Quest Diagnostics, Lawnwood Regional Medical Center, St. Lucie County School District, Indian River State College and St. Lucie Medical Center. Residents enjoy several amenities including an on-site fitness center, business center, clubhouse, kids club, volleyball court, a sparkling pool and hookups for washer and dryers in all units. The Sands at St. Lucie Apartments offers an investor the opportunity to acquire a stable, high occupancy asset in one of St. Lucie’s most prime locations near several major employers and Florida’s East coast beaches.
Property highlights
- Existing Section 42 LIHTC Property With Conversion to Market Rate in Jan 2030
- St. Lucie County Projected 5.1% AMI Rent Growth in 2020
- Upside in Revenue Potential Through W/D Rentals, Parking/Covered Parking and/or Storage Options
- Opportunity to Take Advantage of Aggressive Agency Financing
- Visibility and Access on Highly Trafficked US Highway 1
- High Growth Corridor with New Construction in Immediate Submarket
- Excellent Unit Mix with 65% of the Units Comprised of Two-Bedrooms and 35% of the Units Comprised of Three-Bedrooms
- Within a Short Commute to Fort Pierce Beaches (6.1 Miles), Publix Supermarket (0.7 Miles), Florida Turnpike (5.5 Miles) and Interstate 95 (4.5 Miles)