Cushman & Wakefield’s South Florida Multifamily Team was Selected to Market Little Torch Cottages
LITTLE TORCH KEY, FL, March 23, 2017 — Cushman & Wakefield announced today that is has been named exclusive advisor in the disposition of Little Torch Cottages, the newest Class A waterfront multifamily community in the Lower Florida’s Keys.
Cushman & Wakefield’s South Florida Multifamily Team of Executive Vice President Calum Weaver, Vice Chairman Robert Given and Senior Financial Analyst Perry Synanidis has been chosen to market the townhouse-style duplexes for Little Palm Cottages LLC. The asset will go to market unpriced.
Developed in 2014 at 28501 Channel View Drive, Little Torch Cottages totals 48 two-bedroom / two and one-half bath units, 400 feet of open water on Pine Channel and a 14-boat slip marina.
The property consists of 24 three-story buildings. The ground floor of each building is reserved for covered parking. The second floor houses a kitchen, living room, dining room and a half bath. The third floor has two bedrooms with dedicated bathrooms. All homes also have at least one six-foot lanai resting on concrete pilings. The construction features impact glass and is designed to absorb 180 mph winds, consistent with the most stringent hurricane protection codes in the Florida Keys.
Community amenities include a 14-boat slip marina, 3,500-square-foot clubhouse, two tropical swimming pools, fitness center, covered outdoor grills, storage units and paddle board and kayak racks.
The 51,888-square-foot community is currently 96 percent occupied with 12-month leases. The average unit is 1,081 square feet. The average rent is $2,688 per month.
“Little Torch Cottages is a stunning rental community located on the water with its own marina in the ultra-high barrier-to-entry Lower Keys,” said Weaver. “Demand for rentals in the Keys is tremendous, and the property offers day one cashflow with condo conversion potential.”
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