|Number of units||243|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Advenir at Monterrey (the “Property”), a prime 243-unit value-add opportunity within the affluent city of Venice, FL, an upscale, rapidly growing locale boasting an average household income of $105,277. As one of only eight 1980’s vintage properties in all of Sarasota County, the Property offers investors the rare ability to purchase a well-maintained asset with substantial untapped potential in an area with strong demographics, ‘A’-rated public schools, and exceptional multi-family fundamentals that has seen average annual rent growth of 12.7% over the past three years.
Constructed in 1985 and spanning 20 two-story buildings, the Property offers a desirable low-density setting with two community pools and four lakes connected by a nature trail. The unit interiors were modestly renovated in 2014, leaving significant upside for a new owner to further upgrade the units to modern standards in order to achieve additional rent premiums. Additionally, the Property’s rents have been on a sharp upward trend as new leases and renewals have averaged 49.7% and 38.8% growth, respectively, over the past three months, creating a large mark-to-market opportunity on top of the interior value-add potential.
The Property’s alluring location offers residents a superior quality of life with convenience to beautiful white sand beaches, Venice’s vibrant downtown district, and a plethora of championship-level golf courses. Meanwhile, the Property is also within close proximity of Venice’s main employment drivers, notably the headquarters of Tervis Tumbler and PGT, as well as the recently opened Sarasota Memorial Hospital - Venice, which has a staff of approximately 2,000 people and is currently undergoing an expansion to grow its bed count by nearly 50%. The Property sits just two miles away from I-75, linking Venice to other major job markets including Tampa, Fort Myers, and Naples.
Desirably located and expertly maintained, Advenir at Monterrey is ideally positioned to benefit from the area’s phenomenal fundamentals, an affluent renter base, and the promise of future upside through interior renovations and marking the Property’s rapidly growing rents to market.
· Extremely rare opportunity to purchase a value-add opportunity in the upscale, fast-growing Sarasota area
· Convenient to highly desirable lifestyle amenities and employment opportunities, including the recently opened and currently expanding Sarasota Memorial Hospital - Venice
· Potential to upgrade all units to drive significant rent premiums, while also growing revenue through operational improvements
· Recent lease trade-outs averaging a remarkable 49.7% increase over the past three months through May
· Affluent area boasting $105,277 average HHI, ‘A’-rated middle and high schools, top-ranked beaches, and a tony downtown shopping and dining district
· One of the tightest multi-family markets on the west coast of Florida, which has led to 12.7% average rent growth over the past three years and occupancy in the high 90%’s