US Gateway Gets Loan for Luxury Florida Complex
It includes four buildings, spanning 139,545 square feet.
US Gateway Investments LLC has secured $15 million in funding for a four-building luxury apartment complex in Pompano Beach, Florida.
It comes via a construction loan, courtesy of Centennial Bank, according to a report by the South Florida Business Journal. The work on the project, known as Gateway Luxury Apartments, began last December, and the funding should help complete it, according to the outlet.
The four-building complex would span 139,545 square feet, with 128 apartments. Most of the options will be available in one and two-bedroom units, which come out to 60 and 62 respectively. There will only be six three-bedroom apartments. Some amenities include 155 parking spots and a playground. Gateway Luxury Apartments, located at 950 North Powerline will not feature a clubhouse or a pool.
The apartment complex will cover a 4.25-acre site.
In Florida, apartment demand has been booming, improving by nearly 700% over the past year, according to a RealPage analysis. That marks the sixth-best year-over-year improvement among U.S. regions.
The Sunshine State logged demand for 52,216 units – the nation’s third-best performance regionally after Texas (72,519 units) and the Mountains/Desert area (55,611 units).
Florida’s multifamily market is benefiting from a surge in population.
Tampa Bay, in a recent survey by Clever Real Estate, was found to be the most desirable place to live in the country. Plus, Orlando and Miami made the top 10 for most popular places to live.