13th Floor Investments Breaks Ground on Clubhouse at Orchid Grove in Pompano Beach, FL

Nov. 15, 2011 - PRLog -- Flanked by the mayor, city commissioners and members of the developer’s turnaround team, 13th Floor Investments Principals Arnaud Karsenti and Robert Suris broke ground last Wednesday on the 4,000 square foot clubhouse at the Orchid Grove townhome community in Pompano Beach, Florida.  The ceremony also signaled Orchid Grove’s sales re-launch to homebuyers with a ribbon cutting of a new model unit.  The groundbreaking and re-launch marked the latest accomplishment for 13th Floor Investments, a Miami-based developer and real estate investment company specializing in the acquisition and revitalization of distressed properties.

13th Floor Investments acquired the mortgage on the partially completed, 33-acre Orchid Grove community from Regions Bank in April 2010. Since then, the company has completed all the necessary permitting to re-launch sales , reorganized the homeowners association, finished much of the property’s infrastructure and brought in national homebuilder D.R. Horton to complete the construction of the remaining townhomes.

“Orchid Grove is exactly the type of community in which we excel,” Karsenti said.  “Just a few months ago, Orchid Grove was an unfinished project in foreclosure, but we saw the potential and investment value the property represented.  In the year-and-a-half since the acquisition, 13th Floor made the completed portion of the property viable and re-envisioned the remaining portion so that it would be attractive to end-users in today’s market.”

Once the entire community is complete, Orchid Grove will consist of 445 two- and three-story townhomes, ranging in size from approximately 1,500 square feet to just under 2,700 square feet.  The clubhouse and adjoining pool are situated at the heart of the community, facing a three-acre lake which runs through the center of the property.  Spanning the lake is a pedestrian bridge, complete with a meditation island in the center.  Orchid Grove also features a fully equipped “tot lot,” a dog run and a landscaped art garden.  

"Commencement of the clubhouse puts a flag on the ground that Orchid Grove is ready to be a community with full amenities for not only current owners, but also for new buyers as well," Suris said during remarks to nearly 200 guests who attended the groundbreaking.  “A clubhouse gives a community its sense of community.  And today, we’re delighted that Orchid Grove is one step closer to having their clubhouse become a reality.”

To celebrate the re-grand opening to homebuyers, Orchid Grove is offering on-site financing, special buyer incentives and customization packages to tailor the home to a buyer’s needs. Prices start in the $170s.  

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, 10 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, call 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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