Waterleaf Townhomes & Apartments
Closed1942 SE Hillmoor Dr, Port St Lucie, FL 34952
Property type
Multifamily
Unit / Space count
230
Price
N/A
Building size
287,911 sf
Rentable area
287,911 SF
Year built
1994
Year renovated
Occupancy
Zoning code
Lot size
21.72 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
Waterleaf Apartments is a 230-unit multifamily community located in Port St. Lucie, FL in St. Lucie county. The property is comprised of 35 two-story buildings that were built in 1991 & 1994 in two separate phases. Phase One, completed in 1991, consists of 120 units while Phase Two, completed in 1994, consists of 110 units. Each building features wood framing with pitched roofs. The property includes a unit mix of 14; 3 Bed 2 Bath Non-Renovated units (1,150 SF), 17; 3 Bed 2 Bath Renovated units (1,150 SF), 5; 3 Bed 2 Bath Diamond units (1,150 SF), 53; 3 Bed 2.5 Bath Non-Renovated units (1,214 SF), 106; 3 Bed 2.5 Bath Renovated units (1,214 SF) and 35; 3 Bed 2.5 Bath Diamond units (1,214 SF). Over $3.6 Million in recent renovations position the asset for value add 2.0. Waterleaf benefits from this recent renovation program completed over the last three years allowing the asset to compete with newer vintage assets and capture escalating rents. Waterleaf Apartments is a quiet and serene community surrounded by conservation and nature views. The 35 apartment buildings sit right across the street from the 56-acre Woodstork Trail and Hillmoor Lake Park. Residents can enjoy the shore-line fishing, 2 observation decks and 1 mile of bicycle/walking trails that surround the quiet lake. Within the 21.72 acre community, residents can enjoy plenty of recreation and amenities, including a sand volleyball court, dog park, playground, picnic area, fully equipped fitness room, 2 sparkling pools and a sports park featuring several outdoor games. Interior finishes, residents will find wood-look flooring in the living and kitchen areas, walk-in closets, washer and dryer connections, white cabinets, gas appliances in select units, and several modern apartment finishes. Twenty of the Non-Diamond Units have washer and dryers in each unit. Waterleaf Apartments offers an investor the opportunity to acquire an upgraded, stable, high occupancy asset in one of Port St. Lucie’s most sought after locations near several major employers. The property is located 0.5 miles away from St. Lucie Medical Center, a 229-bed hospital with an emergency room that employs over 800 employees. The St. Lucie County School District also surrounds the area and employs over 4,000 employees, thereby increasing the need for nearby housing.
Property highlights
- 230 Units Built in 1991 & 1994
- Proven Value-Add Opportunity Through the Continuation of Interior Renovations
- Current Ownership Completed a $3.6 Million Renovation to Support the Next Phase of Rent Growth
- Future Resident Leases Showing On Average $221 Higher Than Current In-Place Rents
- Unit Mix Featuring 100% Three Bedroom Apartments and 84% Townhomes
- Located 0.5 Miles From St. Lucie Medical Center & Emergency Room Which Employs Over 800 Employees & Surrounded by St. Lucie County School District, Which Employs Over 4,000 Employees
- Located Off US Highway 1 With an Average of 31,000 Vehicles Per Day
- Located 18 Minutes Away From Florida's East Coast Beaches
- Community Amenities Include: Sand Volleyball Court, Playground & Picnic Area, Fitness Center, Two Sparkling Pools, Dog Park and Sports Park
- Unit Amenities Include: Upgraded Kitchens & Bathrooms, Walk-In Closets, Washer & Dryer Connections, Wood-Look Flooring and Modern Finishes