Greystar Completes Suburban Miami Community
- Jun 13, 2018
Greystar has completed Elan Maison, an apartment development in Davie, Fla., a Broward County suburb of Miami. The 394-unit resort-style property is at 6220 Reese Road, near I-595 and I-95.
The community includes one-, two- and three-bedroom units that range from 708 square feet to 1379 square feet. The units feature stainless-steel appliances, wood-style plank flooring, full-sized washers/dryers and oversized windows that provide natural light.
Common amenities include a three-level clubhouse with a fitness center, on-demand exercise classes, yoga studio, tanning room, social spaces with flat screen TVs, Wi-Fi and a billiards room. Outdoor amenities include two swimming pools, cabanas, shuffleboard, an outdoor kitchen, herb garden, grilling stations, dining areas and fire pits.
Demand Still Strong
During the first quarter of 2018, some 6,680 apartment units were completed in South Florida, Marcus & Millichap reports, up 35 percent from a year ago. The most notable jump in development happened in West Miami, were the 2017 total of 1,440 units almost surpassed the total from the previous three years put together.
The new product has driven up vacancies market-wide slightly—to 3.8 percent, which is 20 basis points higher than in Q1 2017—but overall the market is tight. The demand for apartments in South Florida is being sustained by rising for-sale housing prices, and local job growth, which was up 1.3 percent year-over-year in the first quarter of 2018.