1210 NW 9 CT, Homestead, FL
Completion Date: 2012
Market: Florida City, FL
Net Rentable Area: 170,384 S.F.
Asset Type: Master Planned Single Family Home Community
Gaby Homes is a master planned community with single family homes located at 1210 NW 9 Court in Homestead, Florida.
Ytech acquired the distressed property in June 2011. At the time, the project was stalled as the former developer was unable to finalize the construction process and sell the houses. Despite the considerable investment required, Ytech decided to move forward with the purchase and complete the development. The company handled land use matters, which included zoning examination, planning, plat amendments, planned-unit developments, special use permits and building permit reviews. Significant resources were invested in finalizing the project.
Upon completion, Ytech leased out all of the single family homes and assigned staff to manage the property as a rental complex. The project was located in a fundamentally strong submarket with a historical vacancy of only 2 percent, one of many reasons why Ytech decided to proceed with the acquisition. Ytech secured an acquisition loan and successfully completed the construction, development, lease-up and stabilization process.
Ytech realized that fostering a sense of community within the subdivision would allow for higher rental rates and attract the highest quality tenant pool in the area. With this in mind, the company assembled a new leasing and management team and placed an emphasis on market positioning, making sure to promote the project as the premier single family home development in that submarket. In addition, considerable investments were made to neighboring amenities (parks, bike paths and jogging trails) in order to give the project an edge over its competitors.Ytech’s strategy was to provide an investor with the opportunity to acquire a newly built, income-producing single family portfolio that could also be sold individually in the future. Ytech sold the asset in 2013 at 100 percent occupancy; the sale price marked more than a 300 percent increase within two years.