Verano at Delray is a 252 unit garden apartment community that RAK converted to condominium ownership in the highly desirable Delray Beach area in Palm Beach County, Florida. The property also boasted a significant number of garages, a highly valued attribute for mid-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 in Delray Beach, one of the most sought after addresses for mid-priced housing in upscale Palm Beach County. The nearby downtown area of Delray Beach had undergone a complete transformation over the prior decade and was now bustling with commercial activity from restaurants, clubs, and retail shops.
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.