Property Description
Link to Offering Memorandum
Property Description
Vista Court Apartments represents an attractive value-add opportunity within the South Florida Metropolitan Statistical Area, situated in the City of Deerfield Beach, Florida. Nestled within the Pioneer Groves Local Activity Center, which is strategically planned as Deerfield Beach’s walkable mixed-use district initiative, this property serves as the future core of the city. Further redevelopment of the area is expected well into the future with a more dense Downtown creation meant for a more urban Deerfield Beach.
Since acquisition, the surrounding community has experienced significant development, including the establishment of new parks and townhomes near the subject property trading at +/- $400 per square foot. The property itself has undergone substantial repositioning with capital improvements, such as the installation of new hurricane impact windows and doors, new kitchens, new flooring, and more.
It’s important to note that the area is characterized by a scarcity of this type of product, as it primarily consists of single-family homes, townhomes, and privately owned condominiums. B Class Multifamily such as Vista Court Flats is simply not available to investors in this pocket of South Florida. Economic Drivers in the area including the connectivity to high wage career choices of Boca Raton encourages new ownership to initiate a complex high end renovation strategy to maximize returns at the property. Based on availability of similar units in the area, Vista Court Flats is well positioned to enjoy significant rental increases now and well into the future.
Location Description
Vista Court Flats is located in Deerfield Beach, Florida and is situated in the northernmost area of Broward County, bordering Boca Raton and Palm Beach County. Downtown West Palm Beach is located 26 miles to the North and Downtown Fort Lauderdale is 14 miles to the South. Vista Court Flats enjoys easy access to the coastline and navigable intracoastal waterways and other points of interest including East Boca Raton, Lighthouse Point, and Pompano Beach.
Known as “the locals’ beach,” Deerfield Beach boasts easy access to pristine sands and a highly walkable tourist district adorned with remarkable waterfront dining options and expansive vacation resorts. Distinguished by its relaxed and family-friendly atmosphere, Deerfield Beach offers a refreshing alternative to the bustling tourist hubs of Fort Lauderdale and Miami. Vista Court Flats is also included in the Pioneer Grove Local Activity Center which is the City’s Initiative to add residential density and urban vision for walkability and mixed uses.
Situated in the northeastern corner of Broward County, Deerfield Beach is conveniently connected to Boca Raton, making it easily accessible for high earning corporate careers. The city of Deerfield Beach boasts extensive corporate parks and a diverse range of economic drivers, including but not limited to tourism, hospitality, retail, commerce, manufacturing, industrial activities, healthcare, professional services, and the thriving marine industry, among others.