INVESTMENT HIGHLIGHTS
THE ASSET: La France Apartments, located at 1165 Marseille Drive, is an ultra-rare pride of ownership, 36-unit, three story elevator served waterfront apartment building situated in the Normandy Isles submarket of Miami Beach, FL. The waterfront property is within close proximity to the luxurious La Gorce neighborhood and all the amenities, employment and entertainment opportunities the North Beach submarket within Miami Beach has to offer. The property has an excellent unit mix consisting of six (6) studio apartments, fifteen (15) one-bedroom and one-bathroom apartments, nine (9) two-bedroom and two-bathroom, and six (6) two bedroom and two-bathroom plus den apartments across a total of 34,800 square feet of living area.
SIGNIFICANT PROPERTY AMENITIES: Property amenities include covered parking, a gated and secured courtyard with paved walkways with lush landscaping, a swimming pool, over 100 feet of waterfrontage, and an on-site laundry facility for the convenience of the residents. Over the past several years, current ownership has installed a brand new roof, new elevator engine machine room, new cables and modernization of the elevator cabin, modernization of pool pumps and a new gas hot water boiler at the property.
VALUE ADD POTENTIAL: The residential units are currently leased at below market rates and offer the opportunity to immediately increase rents through hands on management in an urban-infill, high demand/supply-constrained residential market. Furthermore, new ownership can execute a value add strategy and increase rents to market levels through making programmatic upgrades to the apartments.
