YEAR BUILT AVG. UNIT SIZE · 2020. 1. 8. · The Oaks in North Miami was built to condo-quality ......
Transcript of YEAR BUILT AVG. UNIT SIZE · 2020. 1. 8. · The Oaks in North Miami was built to condo-quality ......
VALUE-ADD FRACTURED CONDOMINIUM INVESTMENT OPPORTUNITY
North Miami, Miami-Dade County, FL
77UNITS
2008YEAR BUILT
1,111 SF AVG. UNIT SIZE
Concrete BLOCK CONSTRUCTION
in
THE OFFERINGJones Lang Lasalle (“JLL”) is pleased to exclusively offer the opportunity to acquire 77 condominium units within The Oaks in North Miami (the “Property” or “Offering”), a 96-unit garden-style fractured condominium property in the rapidly growing North Miami submarket of Miami-Dade County. Ownership has title to 77 out of 96 residential units (or 80.2%) of Oaks in North Miami, currently run as a traditional rental community, and full control of the COA. The Offering demonstrates tremendous upside potential through streamlined operations and interior/exterior upgrades, as well as a clear path to collapsing the association through the acquisition of additional units.
The Oaks in North Miami was built to condo-quality specifications, featuring concrete block construction, just 1 mile east of Interstate-95. The Property is strategically located equidistant from Miami and Fort Lauderdale CBDs, South Florida’s largest employment centers and within close proximity to some of South Florida’s largest demand drivers, necessity retail, and desirable recreation; 4 miles from Sunny Isles Beach, 5 miles from Aventura Mall and 4 miles from Florida International University’s Biscayne Bay Campus.
���������������������
��������
��������
PROPERTY SUMMARYName: The Oaks in North MiamiAddress: 13820 NE 3rd Court, North Miami, FL 33161Units Owned / Units in Community: 77 / 96 (80.2%)Average Unit Size: 1,111 SFRentable Multi-Housing SF: 85,551 SFSite Size (SF): 217,800 SFSite Size (Acres): 5 AcresZoning Designation: R-6, Multifamily - High DensityYear Built: 2008Ceiling Height: 8 FeetSurface Parking Spaces Owned: 219Condominium Association Board Seats: 100%
UNIT MIX SUMMARYDescription Unit Count Occupancy Unit Size2 Bedroom 18 94% 967 SF3 Bedroom 59 93% 1,155 SFTotal/Avg. 77 94% 1,111 SF
COMMUNITY AMENITIESGated community Ample resident parkingChildren's outdoor playground Guest parking spacesBeach volleyball court Individual unit balconiesOutdoor grill & picnic area Pet play areas
UNIT AMENITIESRenovated kitchens (in select units)Renovated bathrooms (in select units)Stackable washer / dryerDishwashersRenovated Interiors
2 | JLL
INVESTMENT HIGHLIGHTSHIGH QUALITY ASSET WITH SIGNIFICANT VALUE-ADD POTENTIAL
Oaks in North Miami has been well-maintained under current ownership. Constructed with concrete block, and well-designed floor plans, the Property represents an incredible opportunity for an investor to achieve additional income growth through continued unit and amenity upgrades. The asset’s superb positioning within the rapidly growing North Miami submarket further enhances its upside potential.
AS-IS POTENTIAL
THE OAKS IN NORTH MIAMI - CLASSIC KITCHEN REPRESENTATIVE PHOTO - UPGRADED KITCHEN
JLL | 3
CENTRAL TO MAJOR EDUCATION CENTERS
Barry University 1.7 Miles
Nova Southeastern University 15.5 Miles
University of Miami 16.6 Miles
Johnson & Wales UniversityNORTH MIAMI CAMPUS 2.3 Miles
Florida International UniversityBISCAYNE BAY CAMPUS 4.0 Miles
Barry University is a 40-acre campus, private institution with 4,300 undergraduate students and 4,700 graduate students. Barry offers more than 100 bachelor’s, master’s and doctoral degree programs including being one of only nine podiatric medicine college in the United States.
FIU Biscayne Bay campus is 200 acres with a student body of more than 7,000. FIU’s School of Hospitality and Tourism Management, Marine Biology, along with Journalism and Mass Communication, are headquartered at FIU- Biscayne. More than twenty-degree programs are offered including four master’s and one doctoral program.
This facility houses dental, family medicine, and optometry clinics operated by the Health Professions Division. The campus is the home of the new College of Allopathic Medicine, which is NSU’s new M.D. degree granting program. The new college makes Nova Southeastern the first institution in the Southeast to grant both MD and DO medical degrees.
The 260-acre, 17,000-student / 16,000-employee campus of the University of Miami located is a major asset to the Coral Gables community and is known for its distinguished graduates specializing in health care, law, business, and entertainment.
Johnson & Wales University is home to 1,500 students from 51 countries. JW offers 16-degree programs ranging from marketing and management to culinary arts and food service management.
4 | JLL
30-MINUTE DRIVE TIME MAP
115.1 Million SF of Office Space Across Major Employment Nodes
IMMEDIATE HIGHWAY CONNECTIVITY
With near immediate access to the Palmetto Expressway, US-1 and I-95, Oaks in North Miami benefits from quick and easy access to near anywhere in South Florida. Its central location positions the Property just 25 minutes from both Downtown Fort Lauderdale and Downtown Miami, South Florida’s two largest urban centers.
THE OAKS IN NORTH MIAMI - EXTERIOR
THE OAKS IN NORTH MIAMI - EXTERIOR
j
j
j
j
Miami
Miramar
Hialeah
Hollywood
Miami Gardens
Pembroke Pines
Fort Lauderdale
Davie
Weston
Sunrise
Kendall
Tamarac
Carol City
Hallandale
Lauderhill
Plantation
North Miami
Miami Beach
Coral Gables
Lauderdale Lakes
Aventura
UV997
UV821
UV869
UV826
UV817
UV823
UV934
UV820
UV94
UV838
UV860
UV848
UV817
UV821
UV821
UV869
UV
UV821
£¤41
£¤27
£¤441
£¤1
£¤441
Broward
Miami-Dade
Biscayne Bay
Atlantic Ocean
HOLLYWOOD
6.3 Million SF of O�ice Space
PLANTATION/DAVIE
8.4 Million SF of O�ice Space FORT LAUDERDALE
20.1 Million SF of O�ice Space
DOWNTOWN MIAMI/BRICKELL
24 Million SF of O�ice Space
MIAMI BEACH
4.8 Million SF of O�ice Space
AVENTURA/HALLANDALE
4 Million SF of O�ice Space
DORAL/WEST MIAMI
20.6 Million SF of O�ice Space
PEMBROKE PINES/WESTON
9.5 Million SF of O�ice Space
MIAMI LAKES
3.6 Million SF of O�ice Space
CORAL GABLES
11.4 Million SF of O�ice SpaceCOCONUT GROVE
2.4 Million SF of O�ice Space
��������������������
75
595
95
DRIVE TIME MAP (30 MINUTE RADIUS)
JLL | 5
CHILDREN’S ACADEMYPRESCHOOL
NORTH MIAMIELEMENTARY SCHOOL
NATURAL BRIDGEELEMENTARY SCHOOL
SHOPPES AT ARCH CREEK
DORAL CENTRE
RK CAUSEWAY PLAZA
KEYSTONE SHOPPING CENTER
184-acre, $4 billion mini city that is a joint venture between Turnberry and LeFrak
First phase delivered in 2019 included the relocation of a Costco on the site, two apartment towers (Shoreline), retail and a 7-acre lagoon
Next phase will include a 33-story, 300-unit condominium and largescale retail
959595
915
922
916
NE 123RD STNE 123RD ST
BIS
CAY
NE
BLV
D
BIS
CAY
NE
BLV
D
NE 135TH STNE 135TH ST
1
441
IMMEDIATE PROXIMITY TO NECESSITY & ENTERTAINMENT RETAIL
6 | JLL
CHILDREN’S ACADEMYPRESCHOOL
NORTH MIAMIELEMENTARY SCHOOL
NATURAL BRIDGEELEMENTARY SCHOOL
SHOPPES AT ARCH CREEK
DORAL CENTRE
RK CAUSEWAY PLAZA
KEYSTONE SHOPPING CENTER
184-acre, $4 billion mini city that is a joint venture between Turnberry and LeFrak
First phase delivered in 2019 included the relocation of a Costco on the site, two apartment towers (Shoreline), retail and a 7-acre lagoon
Next phase will include a 33-story, 300-unit condominium and largescale retail
959595
915
922
916
NE 123RD STNE 123RD ST
BIS
CAY
NE
BLV
D
BIS
CAY
NE
BLV
D
NE 135TH STNE 135TH ST
1
441
Greynolds Park
FIUBiscayne
Bay Campus
Barry University
St Thomas University
Opa-LockaExecutive
Airport
Miami Dade College-North
Miami Gardens
Carol City
North Miami
North Miami Beach
Aventura
Pinewood
Opa-Locka
Golden Glades
NW
22n
d Av
e
NW
37th Ave
NE 159th St
NW
17th Ave
NW
2nd Ave
NW 95th St
NE 2nd Ave
NW
32nd Ave
NE 151st St
E 65th St
NE 167th St
N M
iami Ave
NW
12th Ave
NE 10th Ave
NE 107th St
NW
17th Ave
NW
2nd Ave
evA ht 01
EN
UV909
UV932
UV916
UV953
UV860
UV915
UV922
UV953
UV860
UV915
Biscayne BayBiscayne Bay
95
95441
1
1826
817
9
9
UV924
NW 167th StNW 167th St
NW 137th StNW 137th St
ACCESS, ACCESS, ACCESS
JLL | 7
THE OAKS IN NORTH MIAMI - BATHROOMTHE OAKS IN NORTH MIAMI - BEDROOM
THE OAKS IN NORTH MIAMI - EXTERIOR
8 | JLL JLL | 8
THE OAKS IN NORTH MIAMI - PLAYGROUNDTHE OAKS IN NORTH MIAMI - LIVING ROOM
THE OAKS IN NORTH MIAMI - EXTERIOR
JLL | 9
Copyright © Jones Lang LaSalle IP, Inc. 2019
1450 Brickell AvenueSuite 2110Miami,FL 33131305 448 1333
North Miami, Miami-Dade County, FL
MAURICE HABIFSenior [email protected] 448 1610
SIMON [email protected] 421 6546
VICTOR GARCIA (Lead)[email protected] 913 5547
JO [email protected] 532 2352
LUCA [email protected] 532 2345
JESSE [email protected] 532 2347
INVESTMENT ADVISORY DEBT PLACEMENT
in