Novelty Park Apartments

Highlights

• Attractive Value-Add Opportunity In Path Of Progress
• Rent Raise via Continued Renovations and Repositioning of Rent Roll
• 40-Year Completed - 2024
• New Roof 2022 - On Site Laundry Facilities
• +/- 2.5 miles from Pompano Beach Public Beach and Fisher Family Pier
• +/- 2.2 miles from Harrah's Pompano Beach Redevelopment Project
• +/- 1.0 mile from Pompano Beach’s (Old Town) Downtown Arts and Entertainment District
• Highly Aggressive Community Redevelopment Agency (CRA)
• Lot Size 12,992 SF | Adj Bldg Size 6,383 SF
• Desirable Unit Mix: (7) 1/1, (1) 2/1, (1) 2/2

Description

Novelty Park Apartments represents an attractive value-add opportunity within the South Florida Metropolitan Statistical Area,
situated in the City of Pompano Beach, Florida. Located in the South Kendell Green corridor, which is the neighborhood just west of the Pompano Beach Airpark. Just a short drive from the beach, Novelty Park Apartments is strategically situated between I-95 and Dixie Highway just North of Atlantic Blvd.

Since acquisition, Pompano Beach has experienced significant growth including but not limited to the redevelopment of their core, Pompano Beach’s (Old Town) Downtown Arts and Entertainment District which is located within 1 mile from Novelty Part Apartments. New plans for Pompano Beach's downtown development includes canals, a mixed-income residential development and 800,00 square feet of office space located on Atlantic Blvd and Dixie Hwy.

Located just north of Florida's highly sought after city of Fort Lauderdale, Pompano Beach has become a desirable market for new investment in the Broward county area. Another economic driver in Pompano Beach, just west of I-95 is Harrah's Pompano Beach redevelopment project which plans to bring in a plethora of new mixed-use development featuring expanded entertainment, hospitality, and residential uses.

Novelty Park Apartments is an attractive opportunity to execute on an effective rent raise strategy through continuation of renovations and repositioning. New roofing was installed in 2022 and there is a strategic path to acquiring lower insurance rates through the installation of hurricane impact windows. The City of Pompano Beach is seeing significant value creation through new development and repositioning of existing assets. The path of progress is meaningfully present in the Novelty Park Apartments opportunity.

Pompano Beach, located along the southeastern coast of Florida situated between two major cities in Florida. West Palm Beach to the North and Fort Lauderdale to the South. Often considered one of Broward county's premier path of progress investment opportunities, Pompano Beach is heavily focused on its redevelopment of their core areas. Pompano Beach’s (Old Town) DT Arts and Entertainment District is a 75-acre new mixed-use development downtown area including Old Town, city hall and the residential neighborhood north of Martin Luther King Blvd that includes 800,000 square feet of the new development for office, retail, and residential uses.

The City of Pompano Beach is renowned for its pristine beaches, warm weather, and vibrant coastal lifestyle. With miles of golden sands and crystal-clear waters, Pompano Beach offers a paradise for beach lovers and outdoor enthusiasts alike. Visitors and residents can enjoy a wide range of water activities, from swimming and sunbathing to snorkeling, scuba diving, and deep-sea fishing. The city's picturesque shoreline is complemented by beautifully landscaped beachfront parks, providing ample space for picnics, beach volleyball, and family gatherings. Pompano beach is world renowned for "Shipwreck Park" and brings diving enthusiasts from around the globe supporting diverse tourism for the City.

Beyond its stunning beaches, Pompano Beach offers a diverse array of cultural, dining, and entertainment options. The city's lively beachside area features an eclectic mix of restaurants, cafes, and bars serving everything from fresh seafood to international cuisine. Throughout the year, Pompano Beach hosts a variety of festivals, fishing tournaments, concerts, and events, showcasing local talent and fostering a sense of community among residents and visitors.

The City of Pompano Beach is also a major contributor to the Broward County economy featuring economic drivers that include but are not limited to Aviation, Aerospace, Healthcare, Retail, Hospitality, Technology, Innovation, Education, Research, and Railway Industrial Industries. As of 2021, 111,348 people called Pompano Beach home making it one of the largest cities in Broward County.