RKW Residential Tapped to Manage 2 Florida Communities
The firm will add a total of 471 units in Miami and Palm Beach Gardens, Fla., to its portfolio.
RKW Residential has been tapped to manage and lease two nearly fully occupied South Florida communities. The latest assignments are the first time RKW is working with each of the property owners and adds a total of 471 units to the company’s overall management portfolio.
According to RKW, 347 of the units will come from Treasures on the Bay, which is owned by Mast Capital, and the remaining 124 units are from L&L Holding Co.’s Central Gardens Grand Apartments.
The larger of the two communities, Treasures on the Bay, is 89 percent occupied but 91 percent leased, according to RKW. The Miami community offers a mix of one-, two- and three-bedroom apartments that range in size from 737 to 1,289 square feet.
Mast Capital recently completed a multimillion dollar renovation on Treasures on the Bay that included new amenity spaces and renovations to one of the towers’ unit interiors and exterior common areas. Now, residents get access to a sun deck, fitness center, cyber cafe, three pools, outdoor grills, bike storage and smart package lockers.
Located north of Miami in Palm Beach Gardens, Central Gardens also offers one-, two- and three-bedroom apartments that range in size from 935 to 1,825 square feet. The community’s amenities include a 13,000-square-foot clubhouse, putting green, swimming pool with hot tub, fitness center, fire pit, dog park, juice bar, community garden, lounges and card rooms. According to RKW, the community is 99 percent occupied.
Earlier this year, RKW also took over management operations of three Florida properties in Miami, Delray Beach and Fort Lauderdale, totaling 888 units. The company’s portfolio now encompasses more than 22,000 units across six states.
PLATFORM IMPROVEMENTS AND PROMOTIONS
Johnny De La Espriella, senior vice president of operations at RKW, told Multi-Housing News that the management company will adopt a specific strategy for both communities. Overall, RKW has been implementing several new features to its management platform like self-tour and virtual tour options, artificial intelligence screening, and security deposit alternatives, De La Espriella told MHN.
After joining in February 2018, De La Espriella was recently promoted to his new role as senior vice president of operations from his previous position as regional vice president. RKW also promoted Yanira Herrera to regional vice president from her previous regional manager role when she joined the company in September 2017.