Property Description

BC Exchange The Palms DST (The Palms) is a newly renovated, 95% occupied, 340-unit garden-style apartment community located in Fort Lauderdale’s top multifamily submarket, Davie, FL. We believe this unique property is well-positioned to benefit from the demographic trends and population growth in the area. The 335,668 SF apartment community has direct access to I-595, offering convenient accessibility to South Florida’s major business and retail hubs.

The Palms is situated on a 39-acre lakefront site, offering attractive water views in a very low-density suburban setting (9 units/acre). Though originally built in 1998, the apartment community was recently renovated and features upgraded unit interiors and common area amenities. As a result, we believe The Palms appeals to a broad renter-base as it offers a high-quality housing option at an attractive discount to some of the submarket’s newly constructed communities.

If you are interested in receiving a PPM for this property, please email info@privatecapitalhq.com

Property Type

Multifamily

Structure

Delaware Statutory Trust

Black Creek Exchange
The Palms DST

FL

Remaining Availability

1% Remaining

Total Funds
$87,438,017
Remaining Availability
$270,000
Minimum Investment
$500K
Funded To Date
$87,168,017
Est. Hold Period
See PPM
Leverage
Flexible
Equity Raise
$87,438,017
Price/SF or Price/Unit
$257,171/Unit

For More Details

 
 
 

Location Details

 
 
 

Population

See PPM

Population Growth

See PPM

About The Area

Apartment net absorption grew substantially to more than 110,000 units nationwide in Q3 2020, driven primarily by strong leasing in suburban markets. This absorption represents the best third quarter on record (CoStar) and shows that activity in the multi-family sector remains high despite the uncertainty surrounding the COVID pandemic.

Coupled with the strong net absorption, however, was a record high in deliveries.3 This kept vacancy at roughly 6.8%, with vacancies in downtown product projected to rise to over 9%. Suburban vacancies have fallen back to around 6%, representing a tight market for suburban rentals.

Since July, apartment rents have trended lower led by ongoing declines in the downtown markets. Rents in urban one-bedroom units were down over 5% since July as of December 2020, but one-bedroom rents in suburban locations have remained steady in the same period. With renters seeking more space and affordability, rents for two-bedroom units have held up better, while studios have suffered the most.

Search activity from Apartments.com (referenced in the CoStar Multi-family national report dated 12/3/20) showed record activity in Summer 2020 which presaged a surge in demand in the fall and winter. Such activity remains high, which CoStar suggests could lead to unseasonably strong demand for apartments through the first quarter of 2021.

 

Sponsor

Davie, FL