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RARE & UNIQUE 106 UNIT MULTI-FAMILY COMMUNITY IN THE FLORIDA KEYS

Updated: May 20



RARE & UNIQUE 106 UNIT MULTI-FAMILY COMMUNITY IN THE FLORIDA KEYS

NOW AVAILABLE!!! ASKING PRICE: $44.5M + 3%


PROPERTY DESCRIPTION: Tarpon Harbor is the newest waterfront Class-A rental community in the Florida Keys. The property offers an exceptionally rare opportunity to acquire only one of nine rental communities over 100-units in the entire Florida Keys.



A shortage of rental supply, limited land and limitations on new residential development make the Florida Keys one of the most supply constrained markets in the U.S. Tarpon Harbor offers an immediate critical mass of units in a market where the demand for rentals significantly outpaces the supply. Located on the water, adjacent to Florida Keys Marathon Airport, the property features 106 spacious Townhome units that average 1,293 square feet, including sixty-two 2 bed/2.5 bath units at 1,092 square feet and forty-four 3 bed/2.5 bath units at 1,577 square feet.  

The property is 99.1% occupied with twelve month leases.




THIS IS CLASS-A RENTAL COMMUNITY IN THE FLORIDA KEYS Built in 2016, Tarpon Harbor is the newest Class A rental community in the Florida Keys. The property is being offered for sale  for the first time.




The property features 450 feet of open water views on the Atlantic Ocean and fourteen, 32-foot boat slips. Amenities include a marina, clubhouse, two tropical swimming pools, fitness center and private community beach.

This asset consists of 53-townhouse-style duplex buildings, where the ground floor on each side is reserved for covered parking. On the second floor each unit has 9 foot ceilings, a kitchen, living room, dining room and a half bath, and the top floor has two bedrooms with their own bathrooms for the 2BR/2.5BA and three bedrooms with two bathrooms for the 3BR/2.5BA.

All homes also have at least one 6’ lanai resting on concrete pilings. The construction features impact glass and is designed to absorb 180 mph winds, consistent with the most stringent hurricane protection codes in the Florida Keys.



RARE OPPORTUNITY WITH HIGH BARRIERS TO ENTRY & EXCEPTIONAL DEMOGRAPHICS Tarpon Harbor is the newest multifamily luxury apartment community located in the ultra-high barrier to entry Florida Keys. Tarpon Harbor creates a very rare opportunity for a potential buyer to acquire a critical mass of units and establish a footprint in the Keys as there are only nine rental communities in the Keys that feature over 100 units. With a little over 2,500 multifamily units and a population of approximately 75,000 in the Florida Keys there is only 1 apartment per 30 residents. This shortage in rental supply in the Keys creates a compelling long term story for healthy occupancies and strong rent growth.



INCOME UPSIDE POTENTIAL  The property has significant income upside potential. It includes 44 Market rate units and 62 Workforce units. The Workforce units have rental limits of $2,484 for 2 bedrooms and  $2,868 for 3 bedrooms. However, in order for the property to get its certificate of occupancy by the city of Marathon, the owner has to rent the workforce units for no more than $2,163 for 2 bedrooms and $2,472 for 3 bedrooms until June 30, 2018. Hence there is a difference in approximately $321 for the affordable 2 bedrooms and $396 in the affordable 3 bedroom units which translates into $20,952/month in income upside by resetting the discounted workforce units to the appropriate workforce limits. In summary, starting July 2018, current restriction levels for 48 two bedroom workforce units will increase from $2,163 to $2,484 per unit per month and 14 three bedroom workforce units will increase from $2,472 to $2,868 supporting a significant Year 1 rent growth of over $250,000. 

In addition, exceptional finishes as well as large unit layouts create a unique condo conversion potential. Limited land and changing building code regulations mean that the cost to build new homes has significantly increased. Moreover the demand for new construction homes with impact glass and the ability to absorb 180 mph winds is exceptionally high as 1,800 homes were destroyed and nearly 3,000 more had major damage, displacing tens of thousands of people from last year’s Hurricane Irma.


ADDITIONAL INFO AND LOCATION IS AVAILABLE TO QUALIFIED BUYERS ONLY! THIS PROPERTY IS TOTALLY OFF THE MARKET MUST STAY OFF MARKET, PLEASE DO NOT LET THIS GO VIRAL THIS ASSET IS DELIVERABLE WHILE IT IS AVAILABLE THIS IS A PRE-DUE DILIGENCE AND NOT A FORMAL DUE DILIGENCE PACKAGE. ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT AND THE BUYER OPENS THE CONTRACTED ESCROW TRUST ACCOUNT WITH THEIR EARNEST MONEY DEPOSIT, THE SELLER WILL PROVIDE THE BUYER WITH THE P&Ls, VENDOR CONTRACTS AND ANY AND ALL FORMAL DUE DILIGENCE INFORMATION AND DOCUMENTATION AVAILABLE TO BE ABLE TO CLOSE ESCROW. Buyers are advised to do their own independent due diligence and research before commuting with the purchase  FINANCING OPTIONS AVAILABLE! NOTE:- Price is firm and not negotiable.  PLEASE, NO TRANSACTIONAL FUNDING. TO MAKE AN OFFER THE FOLLOWING IS REQUIRED:

  1. SIGNED NDA

  2. LOI & POF (IN THE FORM OF A BANK OR FUND STATEMENT). OR

  3. LOI & BIO OF COMMERCIAL ASSET HELD IN BUYER'S INVESTMENT PORTFOLIO

AP




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