13TH Floor Investments Completes Infrastructure, Community Re-Launches to the Public for Sales

Nov. 7, 2011 - PRLog -- Since acquiring the mortgage on the partially completed, 33-acre Orchid Grove community in Pompano Beach, 13th Floor Investments has been busy completing the project’s infrastructure, working to make the home owners association viable, and assembling a team to bring the project back to market.  The Miami-based real estate investment firm is now set to unveil a new model home, a new sales center and break ground on the 4,000 square foot community clubhouse area, announced Robert Suris, principal with 13th Floor Investments.  The dual groundbreaking and ribbon cutting celebration will take place Wednesday, November 9.

Before re-launching Orchid Grove to home buyers, 13th Floor Investments completed several community amenities that appeal to home buyers, said Charlie Morris, chief operating officer.  These include the landscaping and sprinklers, a fully equipped “tot lot,” a dog run, and one of the largest lakes and wetland features in Broward County.  Residents now are able to stroll across a pedestrian bridge that spans the lake and joins landscaped art sculptures on one side with a meditation island in the center and a small landscaped garden at the other side.

To complete the construction of the Orchid Grove townhomes, 13th Floor Investments brought in D.R. Horton, America’s largest homebuilder, according to Builder magazine.   To mark the occasion of the ribbon-cutting, groundbreaking and re-launching of the community, D.R. Horton is offering special on-site financing and buyer incentives.  In addition, several customization packages are available to tailor a new Orchid Grove home to the resident’s dreams, needs and budget.

The new model unit is D.R. Horton’s “Park Homes” floorplan.  The nearly 1,500 square foot, three bedroom, two-and-a-half bath, one car garage townhome spotlights several available upgrades, such as high-impact windows, tile flooring and granite countertops.

The modern and light-filled Orchid Grove clubhouse will face the three-acre lake, which runs through the center of the property.  The main community and media room will be outfitted with a large, digital, state-of-the-art television, perfect for game day parties or Oscar night celebrations.  Wireless Internet access will be available throughout the clubhouse as well as the adjoining pool area.  The pool and pool deck, an enormous 2,500 square foot area, will feature a covered patio gazebo for shade.

The Orchid Grove community will eventually consist of 445 two- and three-story townhomes.  The two- and three-bedroom townhomes range in size from approximately 1,500 square feet to just under 2,700 square feet, with prices starting in the mid-$100s.    

13th Floor Investments purchased the loan on the property from Regions Bank in April 2010.  Terms of the acquisition were not disclosed.  Regions had foreclosed on the project from the original developers, a joint venture between Fort Lauderdale-based Coscan Homes and New York-based Tarragon Corp.

As such, “Orchid Grove personifies 13th Floor Investment’s strategy of identifying value within distressed assets and using our operational expertise to create a successful turnaround,” said Arnaud Karsenti, managing principal of 13th Floor Investments.

Orchid Grove is located at 649 South Cypress Road in Pompano Beach.  The community is east of I-95, two miles from the Atlantic Ocean, ten miles from the Fort Lauderdale International Airport and seven miles from the Galleria Mall.  The new sales center and model homes are open Monday through Thursday and Saturday from 10 a.m. to 6 p.m., and Friday and Sunday from noon to 6 p.m.  For more information, contact D.R. Horton toll-free at (855) 949-3052 or visit www.drhorton.com and enter “Orchid Grove” in the search box on the home page.

About 13th Floor Investments
13th Floor Investments is an established market leader in successfully acquiring and managing real estate projects throughout Florida.  Based in Miami, 13th Floor Investments specializes in value-oriented real estate investments and has acquired in excess of $200 million in real estate assets since its inception in 2006.  In September 2010, 13th Floor Investments closed on a fully discretionary private equity vehicle, the Florida Real Estate Value Fund, which is now being proactively deployed in a wide range of Florida based real estate assets.  The company’s in-depth local market knowledge coupled with a streamlined decision-making process and discretionary capital make it a first option for lenders and sellers looking to dispose of assets in an expedited manner.  For more information, call (786) 220-0460 or visit www.13fi.com.

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