2021
Jefferson
Street

Hollywood, Florida.

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DETAILS

Priority for Minimum Investment of $50,000

Total project cost

$14,468,477

Projected Sale Price

$29M

Property Size

53 Units

Projected Completion Date

Jan 2025

Projected IRR

22%

Property Details

This property is comprised of two adjoining lots—2021 & 2027 Jefferson Street. Both lots are located in the Parkside neighborhood in Hollywood, a well-known and established area that has become a hub for new technology, artistic communities, and creative businesses. 

The project will be home to 54 Class-A residential units in a seven-story building filled with luxury amenities. The property will sit in a vibrant and thriving district and have excellent access to all forms of transportation, entertainment, retail corridors, and a Neighborhood Walk Score of 91.

Both the 2021 and the 2027 sites are within the DH-3 zoning district, and they’ll soon be shovel-ready with expectations to break ground in the winter of 2023.

Address

2021 Jefferson Street

City

Hollywood

State

Florida

Building

Ground Up, Apartment

Units

53

Residential Square Feet

48,861

Status

Open For Investment

UNIT MIX

Unit Type

# of Units

Avg SF/Unit

Pro Forma Rent/Unit

Pro Forma Rent/SF

Studio

4

400

$1,800

$4.5

1 Beds

28

679

$2,400

$3.5

2 Beds

16

989

$3,100

$3.1

2 Beds Penthouse

5

989

$3,500

$3.5

UNIT MIX

Unit Type Studio

# of Units 4

Avg SF/Unit 400

Pro Forma Rent/Unit $1,800

Pro Forma Rent/SF $4.5

Unit Type 1 Beds

# of Units 28

Avg SF/Unit 679

Pro Forma Rent/Unit $2,300

Pro Forma Rent/SF $3.3

Unit Type 2 Beds

# of Units 16

Avg SF/Unit 989

Pro Forma Rent/Unit $2,700

Pro Forma Rent/SF $2.7

Unit Type
2 Beds Penthouse

# of Units 5

Avg SF/Unit 989

Pro Forma Rent/Unit $3,100

Pro Forma Rent/SF $3.1

COMPARABLES

Address

Type of Unit

Avg SF/Unit

Pro Forma Rent/Unit

Pro Forma Rent/SF

1818 Hollywood Blvd

Studio

385

$1,933

$4.9

1818 Hollywood Blvd

1 Bedroom

762

$2,504

$3.2

1818 Hollywood Blvd

1 Bedroom

799

$2,608

$3.3

1818 Hollywood Blvd

2 Bedroom

1,065

$3,229

$3.03

1776 Polk Street

1 Bedroom

765

$2,639

$3.44

1776 Polk Street

2 Bedroom

1,100

$2,959

$2.69

2165 Van Buren

1 Bedroom

836

$2,627

$3.14

2165 Van Buren

2 Bedroom

1,242

$3,078

$2.47

UNIT MIX

Unit Type

# of Units

Avg SF/Unit

Pro Forma Rent/Unit

Pro Forma Rent/SF

Studio

4

400

$1,800

$4.5

1 Beds

28

679

$2,300

$3.3

2 Beds

16

989

$2,700

$2.7

2 Beds Penthouse

5

989

$3,100

$3.1

COMPARABLES

Address

Type of Unit

Avg SF/Unit

Pro Forma Rent/Unit

Pro Forma Rent/SF

1818 Hollywood Bl

Studio

389

$1,696

$4.35

1818 Hollywood Bl

1 Bedroom

595

$2,102

$3.5

1818 Hollywood Bl

1 Bedroom

650

$2,140

$3.3

1818 Hollywood Bl

2 Bedroom

1,065

$3,229

$3.03

1776 Polk Street

1 Bedroom

765

$2,639

$3.44

1776 Polk Street

2 Bedroom

1,100

$2,959

$2.69

2165 Van Buren

1 Bedroom

836

$2,627

$3.14

2165 Van Buren

2 Bedroom

1,242

$3,078

$2.47

COMPARABLES

Address
1818 Hollywood Blvd

Type of Unit Studio

Avg SF/Unit 389

Pro Forma Rent/Unit $1,696

Pro Forma Rent/SF $4.35

Address 1818 Hollywood Blvd

Type of Unit 1 Bedroom

Avg SF/Unit 595

Pro Forma Rent/Unit $2,102

Pro Forma Rent/SF $3.5

Address 1818 Hollywood Blvd

Type of Unit 1 Bedroom

Avg SF/Unit 650

Pro Forma Rent/Unit $2,140

Pro Forma Rent/SF $3.3

Address 1818 Hollywood Blvd

Type of Unit 2 Bedroom

Avg SF/Unit 1,065

Pro Forma Rent/Unit $3,229

Pro Forma Rent/SF $3.03

Address 1776 Polk Street

Type of Unit 1 Bedroom

Avg SF/Unit 765

Pro Forma Rent/Unit $2,639

Pro Forma Rent/SF $3.44

Address 1776 Polk Street

Type of Unit 2 Bedroom

Avg SF/Unit 1,100

Pro Forma Rent/Unit $2,959

Pro Forma Rent/SF $2.69

Address 2165 Van Buren

Type of Unit 1 Bedroom

Avg SF/Unit 836

Pro Forma Rent/Unit $2,627

Pro Forma Rent/SF $3.14

Address 2165 Van Buren

Type of Unit 2 Bedroom

Avg SF/Unit 1,242

Pro Forma Rent/Unit $3,078

Pro Forma Rent/SF $2.47

Luxury Amenities

The project will focus on the new demand for Post-Covid amenities that residents have grown to enjoy over the last few years.

Private Gym

Business Center

Private
Co-Working Spaces

Outdoor
Cooking Area

Fully Equipped
Kitchens

Washer/Dryer
In-Unit

Outdoor Space

Rooftop Lounge

Project Costs

Total Project Cost: $14,468,477

COSTS

$14,468,477

Purchase Price & Closing Cost

$2,000,000

Total Hard Costs

$10,260,810

Total Carrying Cost

$566,667

SOFT COSTS

$1,641,000

Architect

$250,000

Accounting

$10,000

Permits

$90,000

Legal

$26,000

Builders Risk Insurance

$70,000

Impact Fees

$150,000

Property Tax

$10,000

UtilIties

$35,000

Placement Agent

$200,000

Developer Fees

$700,000

Other

$100,000

FINANCIALS

Total Equity

$5,968,477

LP Investors

$3,968,477

Prime Equity Fund IV LLC

$2,000,000

Total Debt

$8,500,000

TOTAL

$14,468,477

41% Equity

59% Debt

SOURCES & USES

Sources of Funds

$ Amount

$/Unit

Debt

$8,500,000

$160K

Prime Equity Fund IV LLC

$2,000,000

$37K

LP Investors

$3,968,477

$75K

Total Sources of Funds

$14,468,477

$272K

Uses of Funds

$ Amount

$/Unit

Acquisition Cost

$2,000,000

$37K

Hard Cost

$9,948,120

$184K

Soft Cost

$1,641,000

$30K

Carrying Cost

$533,333

$9,876

Total Uses of Funds

$14,122,453

$261.5K

SOURCES & USES

Sources of Funds

$ Amount

$/Unit

Debt

$4,821,600

$141K

Prime Equity Fund IV LLC

$1,225,000

$36K

LP Investors

$2,913,600

$85,6K

Total Sources of Funds

$8,959,891

$263.5K

Uses of Funds

$ Amount

$/Unit

Acquisition Cost

$1,120,000

$33K

Hard Cost

$6,071,231

$178.5K

Soft Cost

$1,286,500

$37.8K

Carrying Cost

$482,160

$85,6K

Total Uses of Funds

$8,959,891

$263.5K

Location & Neighborhood

This Class-A multifamily complex is just a 5-minute drive from the beach and is located in Parkside, Hollywood, one of South Florida's most sought-after housing markets.

The project location offers direct highway access to Downtown Miami with hundreds of restaurants, cafes, clubs, shops, and more nearby.

Walking distance from Downtown Miami

Close to both Hollywood Beach and I-95

15 minutes from the Ft. Lauderdale International Airport

Walk or bicycle right to the anticipated Downtown Train Station

Property gallery

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INVESTMENT HIGHLIGHTS

INVESTMENT 
HIGHLIGHTS

5.5%

Submarket
Vacancy Rate

+22%

Investor Target
IRR

2.71x

Target Equity
Multiple

MANAGEMENT

Prime Equity (Sponsor) is a uniquely qualified company established to create value in Florida’s highly competitive multi-family real estate market. Their in-house resources allow them to fulfill every role of the real-estate process as Broker, Developer, and Asset Manager. Specializing in multi-family Ground Up construction and Value Add Real Estate, Prime Equity's streamlined process maximizes efficiency, increases value, and minimizes risk across complex deal structures. Prime Equity’s comprehensive resources allow them to outmaneuver other real estate investment firms and have led to over two decades of positive investor returns.

BUSINESS PLAN

Purchased in an off-market deal at approximately $40/ SF, and underwritten during the Covid Pandemic, sales and leasing estimates were conservatively based on income lower than current market income pricing.

With construction expected to take 18 months, followed by 6 months to stabilize and rent the units, the Sponsor will leverage its track record of successful multi-family development to complete the Project and return equity investments by refinancing the property right after the building is being stabilized.

The promoter is planning to sell the building after 120 months of land purchase. The investment is expected to be funded by a 58% LTC construction loan, and the Project is anticipated to be refinanced in the Summer of 2027. There will be 53 market-rate units with an average unit size of 650 square feet.

Design, construction, and development will be directly managed by the Sponsor's experienced and hands-on vertically integrated team. The total completed valuation of the Project is estimated to be approximately $29,298,240 In the event of market shifts during construction, our risk analysis reviews other potential exit scenarios at the completion of construction, allowing the asset to benefit and gain from market changes, maximizing investor returns. The low acquisition basis combined with efforts to control costs and preserve flexible layouts will afford us the opportunity to pivot to a condominium fallback.

This offering represents an opportunity to invest in an urban and proven neighborhood with excellent Sponsorship and a uniquely qualified company established to create value in Florida’s highly competitive multi-family real estate market.

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Real estate development of residential and commercial in
New York, New Jersey, and Florida.

720 E Palisade Ave #105
Englewood Cliffs, NJ 07632

info@primeequitynyc.com
201-904-8484
929-361-6858

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