LOCATION: Delray Beach, FL

• Prime Urban Infill Multifamily location
• The asset is a two-story apartment building containing ten two bedroom/two bath units with a total A/C square footage of approximately 10,100 SF.
• Located within the City of Delray Beach; 1 block from the Intracoastal Waterway and less than 1 mile from the City’s historic beachfront park. The Pineapple Square Arts District and the Historic Atlantic Avenue are also located within 1.5 miles of the pproperty.
• Property underwent a comprehensive renovation in 2009 that included complete reconstruction of roof, mechanical and electrical systems and replacement of unit interiors from the framing outward.

This asset was created through the process of acquisition, restoration and market repositioning of a previously neglected apartment building within the City of Delray Beach.  The property was in a severe state of disrepair, having been vacant for several years. The building had previously been acquired by a local developer with the intent of demolishing the existing structure and replacing it with luxury Townhomes. That plan was rendered unfeasible by changed market conditions, leading to a default situation.  The note was acquired from the original lender and the property was then completely reconstructed by local contractor RTG Construction.  The property and location are Class A, which has been reinforced by the strong market response and subsequent rapid lease-up. Harvest Holdings is handling the leasing and management in-house.
Contact Jennifer Grugan for more information.