Aventura, FL

PROPERTY OVERVIEW:

Constructed in 1991, Lincoln Pointe is a 285-unit multifamily rental community located in Aventura, Florida. Neighboring the Aventura Mall, Turnberry Isle and Williams Island, the Mediterranean-style buildings feature one- and two-bedroom residences and lofts, some with vaulted ceilings and waterfront views. Amenities include a newly redeveloped clubhouse, yacht viewing deck, outdoor swimming pool, heated Jacuzzi, fitness center, and pet friendly grounds.

LCOR'S ROLE:

We were selected as asset manager for the project in March 2010, and then later as on-site property manager in August 2010, to improve operations and implement a $1.8 million renovation program that included converting the vacant clubhouse into a high-end management, leasing, and amenity facility.

In 2012 the California State Teachers' Retirement System (CalSTRS) acquired a majority interest in LCOR and a number of real estate holdings previously owned by our former partner, Lehman Brothers. Lincoln Pointe is among the properties now wholly owned by the CalSTRS/LCOR partnership.

VALUE CREATED:

Along with the complete gut rehab of the aging clubhouse, the renovation plan included a new model, a new spa deck overlooking the intercoastal waterway, pool upgrades, installation of an outdoor grill area, and the addition of uplighting features. These improvements, coupled with significant landscape enhancements and a variety of operating efficiencies and cost-control measures enacted by our property management team, enabled us to provide a better living experience for our residents while increasing rents and the value of the asset.