Know Your Audience Demographers estimate that only San Francisco has a larger gay and lesbian populace than Broward County, and the group is playing a vital role helping fuel demand for the metro’s new housing. This is especially true in the small city of Wilton Manors, on Fort Lauderdale’s northern edge. Five local businessmen kept the gay and lesbian audience in mind when developing Wilton Station, a New Urbanist-style project on a 10-acre site. Focus groups with local residents led to a mix of garden and mid-rise buildings and extensive common areas that offer lots of opportunities for social interaction. The community’s focal point is a multilevel clubhouse/entertainment facility that includes one of the region’s most lavish pool/spa areas and a 4,000 square-foot gym. A dog park was incorporated into the project design after research revealed a great many pet owners among the project’s prospects.
In its final stages of completion, Wilton Station offers 272 residences in a mid-rise condominium building, a smaller structure with loft-style units, and brownstone-style townhomes. About 18,000 square feet of boutique retail space is part of the property as well. Marketed mainly in gay-oriented publications, Wilton Station’s main condo building, due to complete in summer 2005, is already sold out, with prices ranging from $250,000 to $450,000. A few lofts and townhomes still are available for $350,000 to $600,000.
Hot Sales
With such strong multifamily performances, it’s not surprising that investors are eager to get in on the action. New York’s Real Capital Analytics reports that 34 apartment properties changed hands between January and September 2004, with purchase prices totaling $1.183 billion. The Miami office of CB Richard Ellis has racked up a dozen apartments property sales valued at $600 million. CB Richard Ellis vice president Robert Given Jr. reports that converters grabbed eight of the 12 Broward County deals that the firm completed in 2004. These projects attracted 16 to 30 offers each.
A somewhat slower transaction pace looks likely in 2005, a reflection of the brisk sales turnover during the past year. With Broward County continuing to register solid apartment market fundamentals, look for investors again to be lined up to bid on any product that becomes available.