New Castle Apartments

Fort Lauderdale MSA, Broward County, FL

  • Target Annual Cash 8.4%
  • Target IRR 19.1%
  • Target Equity Multiple 2.34x
  • Asset Profile Value Add
  • Min. Investment $25K
  • Estimated Hold 5Y
Tidegate Capital Duxbury, MA

Multi-Family Property

About this Property

New Castle Apartments is a 48-unit rental community located in Lauderdale Lakes, Florida. The Property consists of 3 contiguous buildings built in 1972 and 1974. This Property represents the unique opportunity to invest in an apartment community in Broward County at close to a 7.00% cap rate on current income & expenses.

The Property is currently 100% leased with high historical and market occupancy rates. The spacious floor plans feature central air- conditioning, pass-through kitchens, walk-in closets, spacious terraces, and ceramic tile flooring. Additionally, four laundry facilities located throughout the Property serve as an amenity to the tenants and as an additional revenue source.

Key Points

  • 13 one- bedroom/one-bathroom apartments •35 two-bedroom/one-bathroom Situated on 1.54 acres, the concrete block buildings contain 37,670 square feet of gross building area.
  • Many of the units have been tastefully re-done and represent an attractive offering for the residents.
  • 8-9% Preferred Dividend to be paid quarterly.
  • 19.1% Projected IRR.
  • There remains significant room for rent growth and improved management efficiencies.
  • Excellent repositioning opportunity with limited capital outlays required.
  • Implementing an access gate will add an A-level amenity with minimal cost.

Financials

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Offering Financial

Location Details

Fort Lauderdale MSA, Broward County, FL

Located in an densely populated urban setting experiencing solid population growth, New Castle Apartments is located in central Broward County within the City of Lauderdale Lakes, Florida. Significant population growth along the entire eastern seaboard of Florida and an expanding labor force has made Lauderdale Lakes and the east coast of Florida a very attractive area for businesses to relocate. Economically, the region is one of the fastest growing MSA’s statewide. The City is bordered by Tamarac on its north, and Fort Lauderdale on its south and east and was originally popular as a retirement area for snowbirds. It is part of the Fort Lauderdale MSA.

Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The funding deadline for this opportunity is October 17th, 2018.

The first projected distribution is scheduled for January 2019.

Distributions are scheduled to go out on a quarterly basis.

No, this offering is only available to US residents.

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