Property Highlights
- Value Add Opportunity | Opportunity Zone
- 9.25% Total Return with Favorable Debt Structure
- 5 Minutes to Downtown Fort Lauderdale & Close Proximity to Major Economic Driver
- Dorsey Riverbend Neighborhood Is In The Path of Development
- 17 of 38 Individually Parceled Townhomes
- Builder Rights and Decision Making Control of HOA
- Hurricane Impact Windows andIn-Unit Washer & Dryer
- HOA Dues Cover Exterior Building Maintenance and Insurance Including Wind Coverage
- Separately Metered Water and Electricity Service
- 2007-2008 Newer Construction
- Unit Mix: (8) 3 Bedroom 2.5 Bath 2 Car Garage & (9) 2 Bedroom 2.5 Bath 1 Car Garage
- Flexibility to Sell Individually as Individual Parcels or Maintain Portfolio As Current
Property Overview
The Townhomes at Tango Villae is a value add opportunity in a well located and highly desirable neighborhood of Dorsey Riverbend and Downtown Fort Lauderdale respectively. Fort Lauderdale is known internationally as a hyper growth city attracting a high volume of both foreign and domestic capital investment. This portfolio of individually parceled townhomes is in a prime position to participate in the overall upside that Fort Lauderdale has historically provided year over year now and well into the future.
Affectionately called "Venice of America", Fort Lauderdale is home to the largest collection of yachts in the world. Economic drivers include major tech companies, professional services companies, Port Everglades, world class tourism, yacht servicing & manufacturing, massive redevelopment, art districts, and a lively, walkable retail and restaurant scene with world class dining options.
The portfolio contains 17 of a total 38 townhomes in the community. The owner of the portfolio enjoys decision making powers via the builder rights that convey to new ownership without a sunset provision. With a construction date of 2007-2008, the asset is a rare find and opportunity for a new owner looking to place capital in a market that is just now beginning to see massive redevelopment plans. Each townhome is individually metered for both water and electric. The interior of the units are all in good shape with recent renovations in many of the units.
There is significant upside in value creation through market rent stabilization and Opportunity Zone benefits. Pro Forma rents are well in line with other individually owned townhome style units. The Townhomes at Tango Village provides maximum flexibility to new ownership through an inherent ability to stabilize and possible disposition strategies of individual townhome parcels.
This unique property is not replicated anywhere else in the Fort Lauderdale market, with townhomes ranging in the half million dollar price point just blocks away. The Townhomes at Tango Village provide exceptional value to the investor looking to place capital in a friendly South Florida market.
Location Overview
The Townhomes at Tango Village Portfolio opportunity is located in Fort Lauderdale and part of the Historic Dorsey Riverbend community as a qualified Opportunity Zone. A world class tourist destination and yachting capital of the world, affectionately named "Venice of America", Fort Lauderdale is home to one of the hottest residential construction markets across the country. A skyline littered with cranes and concrete, The Town-homes at Tango Village sits in the path of development coming west from Flagler Village through the Sistrunk Redevelopment.
Just blocks in any direction from the site, Virgin Train Station, mixed use development, multifamily and hospitality ventures are the talk of the town with The Townhomes at Tango Village Portfolio being well positioned to reap the benefits of capital flow to the area. Zoned RMM-25, Residential Multifamily Mid Rise/Medium High Density District. The CRA in the overall area has been very active with grants to developers that is helping to move the progress along to bring local and foreign capital to the area.
The Townhomes at Tango Village is well located to abundant public transportation options and is in close proximity to the economic drivers that a Downtown Fort Lauderdale area provides. Downtown Fort Lauderdale has quickly reshaped it's image to one flourishing in not just the professional services industries and corporate headquarters, but also now known as a burgeoning tech hub for many startups moving to the area for quality of life for senior management and staff. Microsoft, Citrix, Magic Leap, Chewy, and Ultimate Software are just a few of the Fortune 500 Companies that have footprints in Broward County and Fort Lauderdale respectively.
Just minutes from the subject property via Broward Blvd the gateway to downtown, the Fort Lauderdale skyline has seen billions of dollars of investment and is flourishing in tourism, luxury high rise multifamily and condominiums, and a lively retail and restaurant hot spot. Fort Lauderdale's urban population has grown by 30% through massive redevelopment of Las Olas, Victoria Park and Flagler Village. Next on that list will be the Sistrunk and Dorsey Riverbend areas where The Townhomes of Tango Village is perfectly situated.