American Landmark Snags 1st Ft. Lauderdale Community
The firm plans on rebranding the 2002-built Sheridan Lake Club as Beach Walk at Sheridan and investing $4.2 million in property improvements.
By IvyLee Rosario
American Landmark has acquired Sheridan Lake Club, a multifamily community in Dania Beach, Fla. The property will be rebranded as Beach Walk at Sheridan. The firm and its debt and equity partner Electra America are purchasing value-add properties in locations across the Southeast. American Landmark expects to complete $1.5 billion in multifamily acquisitions in 2018. This purchase marks its first acquisition in the Fort Lauderdale metro.
Located at 311 East. Sheridan St., the 2002-built community comprises 240 one- and two-bedroom units. Interior features include walk-in closets, private balconies, Wi-Fi, elevated ceilings, ranges, storage units, dishwashers and lake views. American Landmark plans to invest $4.2 million in property improvements that will include renovating interiors to feature granite countertops, wood-plank flooring, enhanced cabinets and plumbing fixtures, and washer/dryers. The company will also provide enhancements to community amenities that include an expansion of the clubhouse and fitness center, dog park, detailed landscaping and package lockers. Current amenities include:
- fitness center
- grilling area
- resort-style pool
- courier service
“The Fort Lauderdale MSA has many attractive key components for multifamily investment–namely, job and wage growth, population growth, gentrification of the downtown area and surrounding suburbs, lack of inventory, and affordability when compared to neighboring Miami,” said Christine DeFilippis, chief investment officer of American Landmark. “There are also considerable barriers to entry such as land and development costs, so Beach Walk at Sheridan is a rare opportunity to own an institutional-quality apartment community providing much-needed workforce housing to the area and it has a superior location very close to the beaches and waterways of Fort Lauderdale. Capitalizing on that supreme location is a true real estate play.”
Sheridan Lake Club provides easy access to Sheridan Street, A1A and Interstate 95. Nearby employers include Fort Lauderdale-Hollywood International Airport and Joe DiMaggio Children’s Hospital.
Image courtesy of American Landmark