New Owner Plans $5M Renovation of Lake Vista Apartments
- Jun 09, 2016
Located at 8440 Sherman Circle North, the property—also known as The Ashlar—was recently purchased by the Miami-based real estate development and property management company for roughly $47 million. “The amount of the investments for the upgrades is $5 million”, Veronica Villegas, a representative of CFH Group, told Multi-Housing News. The five-story structure is comprised of one-, two- and three-bedroom units, according to Yardi Matrix data.
All 480 apartments will boast upgraded finishes, including custom kitchen and bathroom cabinets, granite countertops, new appliances, and ceramic tiles. The community will benefit from new amenities, such as a multi-purpose room, kitchenette, cyber lounge with print station, fitness center with a kids’ play room, and an aerobics and yoga studio. The facilities will be housed by the newly built 11,000-square-foot resident clubhouse which will also include the property’s leasing office.
The renovation project will cover the outdoor area as well and features the addition of two new pools, a barbecue area, dog parks, two playgrounds, and an all-new landscaped lakeside walking path. Currently, facilities at Ashlar Apartments include controlled access, two swimming pools, a fitness center, 12 laundry facilities and 720 parking spaces, according to Yardi Matrix.
The report also indicates a 95.4 percent occupancy rate and an average monthly rent of roughly $1,400. This is the first renovation project at Ashlar Apartments since 1988, when the property was completed, and it’s expected to provide new jobs for the area.
Image via Yardi Matrix