RKW Residential to Manage Upscale Florida Community

Located in a Fort Lauderdale suburb, the property marks Dermot Co.’s first acquisition in the Sunshine State.

Seabourn Cove in Boynton Beach, Fla. Image courtesy of RKW Residential

Dermot Co. has retained property management firm RKW Residential to manage its inaugural multifamily acquisition in Florida. Seabourn Cove is an upscale apartment community in the Fort Lauderdale suburb of Boynton Beach, about 60 miles north of Miami.

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Developed in two phases, Seabourn Cove features a 308-unit property at 3501 N. Federal Hwy., and a 148-unit property at 3480 Old Dixie Hwy. The buildings offer a blend of one-, two- and three-bedroom apartment homes extending in size from 888 to 1,719 square feet. Amenities include two heated swimming pools.

Capital improvements

”We have an existing relationship with Dermot Co. as its management partner on Pointe at Crabtree, a Raleigh, N.C., community that Dermot is in the process of repositioning and upgrading through value-add improvements,” John Zalkin, RKW partner & senior vice president of client services, told Multi-Housing News.

“Our strong performance overseeing that community, coupled with the depth of knowledge of our local team in Florida, gave Dermot the confidence to expand our partnership through Seabourn Cove. We plan to maximize the value of Seabourn Cove with capital improvements of common areas and interior units. That, paired with an enhanced resident living experience, will allow us to grow rents this year.”

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Features and finishes of apartments include hurricane-impact windows, washer-dryers, granite countertops, custom cabinetry and Energy Star-rated stainless-steel appliances.

RKW’s Florida footprint continues to expand with this management assignment. Two months ago, RKW added to its management portfolio Treasures on the Bay in Miami’s North Bay Village and Central Gardens Grand Apartments in Palm Beach Gardens, for a total of 471 new residential units. They are the first assignments for RKW with Mast Capital of Miami and New York City-based L&L Holding Co., respectively.

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