Colliers South Florida Debt & Equity services team represented Cavache Properties, LLC & Wilson Enterprises, LLC in the deal
“The Old Town Square project will add new, Class A, state-of-the-art apartments to a tight residential market where we are seeing occupancy rates greater than 95%,” said Rex. “This deal demonstrates the growth and strength of the South Florida market.”
Old Town Square’s sponsors consist of a seasoned development team that have been active in South Florida for decades. As a result of a Joint Venture, principals of Cavache Properties, Wilson Enterprises, and Adache Group Architects have joined to co-develop the project. The project is shovel-ready, designed and received all governmental and requisite approvals for construction and development.
Broward County’s multifamily submarket is at the top of the effective rent per unit in the region. According to RealPage, Inc., Annual effective rent growth is forecast to be 1.4% by the end of 2021, and average 4.7% through 2022 to 2024.