Griffing Gardens
North Miami, Florida
Property Summary
Project Land is committed to the ground-up development of Griffing Gardens, a five-unit apartment community in North Miami, Florida, about ¼ of a mile from downtown North Miami.
On a strategic level, this investment meets Project Land’s mission statement of generating affordably-priced near core apartments. Millennials and a broad group of people in the local area have been leading the way to a migration from downtown living to suburban living, but not far from core downtown. This has driven a continuing demand for well-priced, well-located real estate, supporting steady returns for disciplined investors.
Business plan
After the development, Project Land plans to hold and manage Griffing Gardens for roughly seven to ten years before seeking opportunities for an exit. The goal is to earn consistent cash flow from rent payments, with the potential for long-term upside by selling the property for more than invested.
Investment Attributes
Fronting public park premium – Across a one-way cul-de-sac sits 17,000 square feet of open land filled with blossoming trees and decorated with art donated by the local museum of modern art. This green area is maintained and landscaped by the City of North Miami for the enjoyment of immediate residents.
Designed with families in mind – Not only are the direct surroundings family-oriented, but Griffing Gardens was designed and planned for the current dynamics of family housing. Each unit has an expansive open floor plan to join the living room, the dining room, and the kitchen, thus creating inviting spaces for congregating and enjoying.
Priced for the local workforce – The property’s location (in the heart of North Miami), the surrounding features, and the design will serve the rising demand for residential properties at a reasonable price.
Turn-key development – The recent site plan and building approvals provide the “as-of-right” ability to build these five residential units in a ten-month time frame from the start of construction.