(Read more on the multifamily market.)
SUNNY ISLES BEACH, FL-Sky Development Inc. plans to begin work at the end of this month on renovations to the 308-unit Vista View, a four-building complex directly across from the beach. The project will take nine to 12 months complete.
The 93%-leased Vista View at 17098 Collins Ave. is situated on the west side of A1A at 170th Street. Existing amenities include a heated pool, fitness center with his/her saunas, clubhouse with billiards room, picnic area, DVD rental vending machines, covered parking and gated entrance.
Miami-based Vertex Architecture Inc. is heading up the improvement project, which includes new paint, landscaping and general maintenance as well as adding a putting green, children's playground, basketball court, business center, new equipment in the gym and upgraded units. Tamarack, FL-based Lichi Design is the interior designer. Vista View Ltd., an entity of Aventura, FL-based Sky Development, owns the property. The project cost is being kept under wraps.
Sky Development CEO Yizhak Toledano tells GlobeSt.com that the decision was made to embark on the project because there is demand for luxury rentals in a market that has experienced numerous condominiums conversions in the past few years. The 33-year-old Vista View is located in a high-growth area of retail, restaurants and other amenities. "After what has happened in the market over the past five years, rental communities have virtually disappeared," he says. "We see strong demand for a luxury rental community."
Vista View's current rents are $1,100 for a one-bedroom unit and $1,400 for a two-bedroom apartment. After the upgrades are completed, rents are expected to rise 5% to 7%, Toledano says. "Residents will be able to live across from the beach at prices far less than you would pay to own a condo."
Most of the improvement work is exterior so residents won't have to vacate for the renovation to proceed. Interior work will be completed as leases expire, Toledano says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
