Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market the Sunrise portfolio, which is comprised of 184 units within four separate rental communities located in the city of Sunrise, Florida. The portfolio is being offered for sale by a long-term owner who acquired the first property in the portfolio over 20 years ago. Sunrise Gardens consists of 24 units in three two-story, eight-unit buildings with a mix of 12 one-bedrooms and 12 two-bedroom/one-bath units. The property was constructed in 1974 of concrete block with painted stucco exterior and has flat roofs with wood mansards. Each unit has central heating and air-conditioning. A few units have gas stoves, the owner has been transitioning to all electric stoves. The hot-water heaters run on electricity. The roofs were replaced in 2023 and the parking lot was recently sealed. Community amenities include landscaped courtyards, three on-site laundry facilities, and 30 parking spaces. The laundry machines were upgraded last year to a card reader system. Residents are responsible for electricity, while water, sewer, gas and trash removal are included in the rent. Riverview Apartments consists 40 units in one two-story, garden style building and one single-story building which was previously a club house that was converted into two efficiency units. The property has a mix of two efficiencies and thirty-eight two-bedroom/one-bath units. It was constructed in 1973 of concrete block with painted stucco exterior with pitched roofs. The property has impact windows and central air-conditioning units. A new roof is the process of being installed. Community amenities include a swimming pool with sundeck, a lushly landscaped courtyard, 66 on-site parking spaces and an on-site laundry room with four washers and three dryers. The laundry machines were upgraded last year to a card reader system. Residents are responsible for electricity (except for the two efficiencies, which run off of the house electric meter, which is paid for by the owner), while water, sewer and trash removal are included in the rent. Lake Success Apartments consists of 20 one-story triplex buildings, comprising a total of 60 units, all of which are three-bedroom and two-bathroom apartments. The community was built in 1971 of concrete block with painted stucco exterior and pitched asphalt shingle roofs. New roofs are in the process of being installed. Each apartment is villa-style with a front and rear entrance, central heating and air-conditioning, large living room and bedrooms, fully equipped kitchens, large closet space and its own utility room with washer and dryer hook-ups. Community amenities include three swimming pools with sundecks, lushly landscaped courtyards and 120 on-site parking spaces surrounding two sides of the community. Residents are responsible for all utilities including water which is billed directly to the residents by a third-party utility billing company. La Haina Apartments consists of one two-story garden-style building totaling 60 units with a unit mix of 38 one-bedroom/one-bath, 16 two-bedroom/one-bath, six two-bedroom/two-bath units and one non-conforming one-bedroom apartment. The property was built in 1973 of concrete block with painted stucco exterior and a flat roof with wood mansards. The roof was replaced in 2022. Each unit has central heating and air-conditioning. Community amenities include a swimming pool with sundeck, a lushly landscaped courtyard, 103 on-site parking spaces, two on-site laundry rooms with four washers and four dryers in each laundry room. The laundry machines were upgraded last year to a card reader system. Residents are responsible for electricity, while water, sewer and trash removal are included in the rent. The Sunrise Portfolio offers an investor the opportunity to acquire 184 units in very close proximity in an excellent infill rental market with the potential to raise rents as units become available. Additionally, having 60 three-bedroom units in one community is rare, which makes the unit mix of this portfolio extremely appealing.