Coral Springs, FL
In September 2016, Copperline acquired two Class B multifamily residential assets in Western Broward County, Florida with an intention of redeveloping the properties. One of the two assets, then known as Harbor Inn Apartments, in Coral Springs, was made up of 310 garden-style apartments. Harbor Inn was underperforming, but benefited from an exceptional location with terrific drive-by visibility along Atlantic Boulevard, with exposure to over 36,000 cars daily. Furthermore, the property has direct access to a mix of strong retail and entertainment options that are located less than half a mile from the property, including Whole Foods and the one million square foot Coral Square Mall.
Developed in 1987, Harbor Inn contained a mix of one and two-bedroom apartments. Over a 24-month planning and renovation schedule, Copperline completed a total gut renovation of all 310 units, including new cabinets, countertops, appliances, bathrooms, lighting, and hard surface flooring. Additionally, the second-floor units were modified from flat 8’ ceiling heights to feature vaulted ceilings in the living areas, while first-floor units were expanded with new screened porches. Finally, Copperline gated and re-landscaped the property, and built a state of the art, 5,138 square foot clubhouse and amenity center featuring an expansive lounge area, rock climbing wall, fitness center, yoga, and pilates studio, lap pool and business center.
In total, Copperline invested approximately $12,000,000 of capital into the project and re-branded the property under our luxury, Innovo Living brand as Innovo on Atlantic. Over the course of our ownership, rents were increased by more than 25% over pre-renovation levels with income levels more than 6% over the company’s own pro forma. The property was acquired for $48,000,000 in 2016 and sold in July 2020 for $75,400,000, generating the company over a $15,000,000 profit in less than 4 years.