FT. LAUDERDALE, FL-Call it a generational opportunity. An ultra-exclusive waterfront multifamily community is up for grabs. The Falls of Marina Bay could fetch more than $85 million for its 376 apartment units and 168-slip marina. The property sits on 2.41 acres.
Jones Lang LaSalle put the property on the market less than three weeks ago on behalf of Taplin Development and Real Estate Capital Partners. JLL managing directors Denny St. Romain, Jubeen Vaghefi and Jeff Morris, along with VP Steve Echelson, are leading the transaction.
“This is a unique asset, a generational opportunity,” St. Romain tells GlobeSt.com. “There are very few marinas in this area that accommodate mega-yachts, so this irreplaceable property will appeal to a wide variety of investors.”
Specifically, St. Romain expects institutional investors to take interest, predominantly because the apartments were constructed in 2004. In many cases, apartments of that vintage were converted to condos. In other cases, multifamily developers shifted plans from apartments to condos during construction to cash in on the condo craze.
St. Romain also expects to see private groups, quasi institutional investors as he calls them, get into the bidding mix, as well as investors interested in the marina assets. The Falls of Marina Bay is 98% occupied, with stable in-place income and high barriers to entry.
The marina offers a state-of-the-art, non-piling floating dock system that accommodates boats and mega-yachts from 24 to 150 feet. It has deep water access to the Intracoastal Waterway, four miles to the east, and the Atlantic Ocean, six miles to the east. There’s also a dockside restaurant and a clubhouse with a heated lagoon-style pool and many other amenities.
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.
