Investment Opportunity # 2 :
Paramount at Dania Beach
Overview:
Name: Paramount at Dania Beach
Location: Fort Lauderdale,Florida
Submarket: Port Everglades / International Airpor
Units: 330 units (4 acres zoned 100/acre max)
Cost: $79,500,000
Value: $117,459,937 @ 4.75% Cap Rate
Equity Investment: $27,800,000 w/ 65% Loan To Cost
Term: 4 Years
IRR: 24%
Investment Multiplier: 2.3
Summary:
The Opportunity: Develop 330 luxury rental apartments and an integrated parking structure.
The Investment: $26,400,000
The Location: Paramount will be located in Metro Ft. Lauderdale, which is ranked 3rd in the US in 2017 for job base growth. Industry leaders place South Florida at the top apartment market for their near term purchase strategies. Paramount is strategically located 1.2 miles east of US 1, 2.5 miles east of I‐95 and on Dania Beach Boulevard, immediately south of Port Everglades and the Ft. Lauderdale‐ Hollywood International Airport. There is a 12 -minute drive to the heart of the CBD during morning rush hour and Paramount is within walking distance (1.2 miles/24 minutes) to the Dania Public Beach and the Atlantic Ocean.
Paramount is surrounded on three sides (north, east and south) by 1,650 of acres of preserve and park land. As a result, the property also (in addition to the preserves) enjoys Atlantic Ocean premium views from the 3rd floor and higher. The immediate neighborhood, Dania Beach Boulevard, from the site to US 1, is undergoing a complete transformation (details are available). A Publix grocery is caddy cornered, across Dania Beach Boulevard. At I‐95, between Sterling and Griffin Road, Dania Pointe, a 103 acre / 1,500,000 s.f. mixed‐use project is being developed.
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