Delray Beach, FL
The Spear Group and a strategic partner acquired assets at Latitude Delray from a bank’s REO group. Latitude Delray is located on S. Federal Highway in Delay Beach, FL. The site included 47 completed residential units (combination of condos and townhouses), a commercial building with approximately 24,000 square feet, and developed land zoned for additional residential units including entitlements and construction plans.
The Spear Group executed a business plan aimed at maximizing return and creating an exit strategy with sales to multiple end-users and investors. The Spear Group a) marketed and sold all of the existing 47 residential units, b) completed the fit-out and improvement of spaces in the commercial building and sold it to an investor, c) built a ground-up 16 unit townhome project and sold all of the units to buyers, and d) sold the last remaining land parcel, with the majority of infrastructure installed, to another developer. The Latitude project exemplifies The Spear Group’s ability to effectively source compelling opportunities, add value using vertically integrated capabilities, and create attractive returns for the partnership.