Overlook Pointe

Pompano Beach, Florida

Active Investment

NRSF: 218,291
Land Acquisition Date: October 2013
Status: Construction complete, in final lease-up

Overlook Pointe is a 249-unit concrete-design multifamily project with 3, 5 & 6 stories of apartments situated on 5.38 acres of land. The community features a gated entrance leading to upscale first-floor common areas including a resident clubhouse with leasing center, exercise facility, cyber lounge, and billiards room, together with a resort-style swimming pool area and courtyard. A rooftop garden terrace offers views over the City of Lighthouse Point to the Intracoastal Waterway and the Atlantic Ocean. Overlook Pointe has one-, two- and three-bedroom floor-plans, ranging from 643 square foot one-bedrooms to 1,236 square foot three-bedroom units. The apartments have nine-foot ceilings, wood cabinetry, stainless appliances, granite countertops, tile flooring and washer/dryers in all units. The project is serviced by three elevators and a secured parking garage containing 366 parking spaces. An additional 49 surface parking spaces are located on the site, which has multiple green space areas.

Opportunity

  • Overlook Pointe satisfies unmet local demand for Class A rentals in this densely populated, coastal, infill location east of Interstate 95, in close proximity to beaches.
  • Major employment centers are located within easy driving distance to the north (Boca Raton) and south (Downtown Fort Lauderdale and Cypress Creek office submarkets).
  • Land basis and execution early in the cycle allow for attractive return on cost.

Location Highlights

  • The property is well-located with excellent exposure on N. Federal Highway, a major thoroughfare, just 5 miles south of downtown Boca Raton and all of its entertainment and dining venues, and 12 miles north of downtown Fort Lauderdale.
  • There are numerous local options for dining, retail and grocery shopping, including a regional mall and movie theater within a 5-minute drive of the site.
  • Residents will have gated access to the adjacent North Broward Park providing football, soccer, and baseball fields, plus a lake for fishing, and a covered basketball court.