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.
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.
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.