Crystal Lake Apartments sits on a 33-acre site with 491 apartments surrounding a central lake. Ytech redeveloped the property throughout 2013 and 2015, updating units that dated to 1973.
Its proximity to major employment centers, such as the Hard Rock Stadium, Calder Casino, North Perry Airport and Broward Community College, attracts a qualified pool of tenants from both Miami-Dade and Broward counties.
Crystal Lake Apartments, provides contemporary housing for more than 3,000 residents in Miami Gardens. At the time of purchase, though, the property had an occupancy of less than 3 percent with high outstanding collectibles. Ytech spent more than $20 million to completely rebuild and redevelop the property and turned the operating income from negative $2 million to more than $6.6 million. Overall, Ytech transformed the neighborhood, generating an economic impact of nearly $100 million for the city of Miami Gardens.
The property contains 375 small and large one bedroom-one bath apartments, 84 two bedroom-two bath apartments and 32 three bedroom-three bath apartments. All units were fully upgraded, including new tile floors, kitchen cabinetry, countertops, central air conditioning units, water heaters, bathroom vanities and appliances. In addition, the property features parks, children’s playgrounds, open and green spaces, barbecue settings facing the lake, two laundry facilities, a pool area and an updated leasing office.