Lakeview Club is a 443 unit garden apartment complex that RAK converted to condominium ownership in the Oakland Park community, near Fort Lauderdale in Broward County, Florida. The property also boasted a significant number of garages, a highly valued attribute for affordably-priced units in this market. RAK acquired the property and immediately embarked on a program to perform selective common area and individual unit capital improvements to prepare the units for marketing as individual condominium units. This work included, among other things, a newly redesigned and refurbished clubhouse, fitness center, WiFi system, landscaping enhancements, other common area upgrades, designing and furnishing model units and creating and implementing unit upgrade packages.
One of the key drivers of this acquisition was the property’s location in a quiet, leafy residential neighborhood, with many mature trees while situated on 2 large lakes. The proximity of the asset to employment centers in Fort Lauderdale and other locations to the north and south, coupled with the price point targeted by RAK’s marketing and sales program were additional drivers that attracted RAK to this acquisition.
Another key driver was a vitality of the “for sale” residential market in South Florida at that time. A focused and directed sales and marketing effort was quickly instituted and substantially all sales were closed within 18 months of the approval of the condominium offering plan.