Investment Overview

Lake Terrace Apartments is a 118-unit apartment community located in the northern section of Miami-Dade County, just south of the Broward/Miami-Dade County line. The property consists of four, two-story buildings situated on a nine-acre lot surrounded by lakes and canals. There are 91 one-bedroom/one-bathroom units at about 760 square feet and 27 two-bedroom/two-bathroom units at about 960 square feet. The property consistently operates at an above average occupancy, and water, sewer and trash removal are included in the rent. The property offers residents a secluded, tranquil setting, with ample on-site parking, on-site laundry facilities, pool and sundeck, and water views from almost every unit. The property was developed in 1972 and has an R-25 zoning permitting up to 225 units to be developed on the site. Lake Terrace Apartments is located just east of 441 (North State Road 7) which is a very heavily traveled, commercial thoroughfare that runs through central Miami-Dade and Broward Counties and north through the state. There is very little multifamily rental competition in the immediate area. The area is made up mostly of commercial buildings along 441 with single family homes west of 441 and low-density condo buildings east of 441. Because there is very little rental competition and there has not been any new rental developments within several miles of the subject property, Lake Terrace Apartments has been able to maintain a very strong occupancy with the opportunity to increase rental rates immediately. The subject property is in good condition with very spacious units. All the units have central air-conditioning and heat, and the two-bedroom units have balconies or patios. Many of the units have been updated with renovated kitchens and bathrooms, and only a handful of the units do not have ceramic tile floors. The buildings have concrete roofs, and many of the units have been converted from gas to electric for the kitchen stoves. Each building has a gas boiler to provide the units with hot water, and the property has completed the 40/10-year recertification.