Cresthaven Apartments

Highlights:

• 1967 Concrete Block Construction
• All Properties Have Central Air Conditioners, Hurricane Impact Windows, and Newer Roofs
• 58 of 62 Units Are 3 Bedroom / 1 Bathroom Floorplans

Description:

The Cresthaven Apartments Portfolio located in Pompano Beach, Florida, offers an excellent investment opportunity with 62 units across 19 buildings all located along NE 7th Ave. The portfolio includes 58 three-bedroom / one-bathroom units and 4 two-bedroom / one-bathroom units, spread across 3.54 acres. Built in 1967 with concrete block construction, all properties feature hurricane impact windows and newer roofs as well. The addresses included are 3211, 3231, 3221, 3201, 3121, 3111, 3101, 3041, 3031, 2961, 2951, 2935, 2940, 2931, 2925, 2923, 2921, 2920, and 2930 NE 7th Ave, Pompano Beach, 33064.

Situated in a thriving neighborhood, this portfolio benefits from proximity to significant local economic drivers and places of interest. Pompano Beach's vibrant downtown area, approximately 3 miles away, offers a mix of retail, dining, and entertainment options that attract both residents and visitors. The Pompano Beach Pier and the surrounding beachfront area, located just 4 miles away, provide recreational opportunities and contribute to the area's strong appeal. Nearby educational institutions, such as Broward College North Campus, are also within a 5-mile radius, supporting a diverse tenant base. The portfolio is conveniently located near several parks and recreational areas including Pompano Community Park, just 2 miles away, features athletic fields, tennis courts, and an aquatic center. The nearby North Ocean Park offers beachfront access and picnic areas, perfect for family outings. Additionally, the Fern Forest Nature Center, located about 5 miles away, provides a serene escape with walking trails and wildlife viewing opportunities. The area is also well-served by quality schools, including Pompano Beach High School and Norcrest Elementary School, both within a short drive, making it an ideal location for families.

This portfolio represents a sound investment with upside potential. Current in-place rents are approximately 7.8% below market rates, offering immediate opportunities for rental growth. The combination of solid property conditions, desirable location, and rental upside makes this portfolio a compelling choice for investors looking to capitalize on the strong demand in the Pompano Beach rental market. With the area's continued economic growth and development, these properties are well-positioned to deliver stable returns and long-term appreciation.

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