The Praedium Group Acquires Luzano Apartments in Pompano Beach, FL
NEW YORK: The Praedium Group, a New York City-based national real estate investment firm, today announced the acquisition of Luzano Apartments in Pompano Beach, FL. Chris Hughes, Principal of The Praedium Group, made the announcement of the investment firm's most recent acquisition.
"Luzano presents an opportunity to acquire an institutional quality, garden-style multifamily community located in an evolving neighborhood within South Florida," said Chris Hughes. "Fort Lauderdale's unemployment rate is currently 40 basis points lower than the national average. AXIOMetrics projects jobs to grow by 8.9% over the next 5 years, almost double the average for the US."
Lindsay Schuckman, Associate of The Praedium Group, added: "As evidenced by adjacent new developments, the property's surrounding location is going through a transformation. Luzano sits in an opportunity zone, which should encourage further redevelopment in the area. Luzano is currently positioned as a high-quality, affordable alternative to surrounding South Florida submarkets, providing an opportunity to capitalize on strong projected growth."
Luzano is located within Pompano Beach, just east of Florida's Turnpike on Atlantic Boulevard, providing strong drive-by visibility. This central location, between Florida's Turnpike and I-95, offers easy accessibility and connectivity to all the major employment markets in the area, including: Cypress Creek (5 minutes away), Coral Springs (15 minutes away), Boca Raton (17 minutes away), Downtown Fort Lauderdale (20 minutes away), Plantation/Sunrise (25 minutes away), Fort Lauderdale Airport (18 minutes away) and Port Everglades (23 minutes away).