Venice & Florence at Crystal Lakes is a multi-phase, 360-unit, multifamily development located in Homestead, Florida (Miami MSA); built by Miami-based Garco. Garco has been building apartment buildings, townhomes and single-family homes in the local market for the last 20 years; with an executive team that touts 50 years of collective experience and that produces high quality communities throughout South Florida. The offering is a 2-story garden style complex comprised of 160 multifamily units in one folio (2011-13 built); 70 condominiums within a phase of 88 units and 12 units in the final phase of 112 units (both built in 2007). In total, the offering is for 242 of the 360 units representing a 67% controlling interest of the project. The property is located on Campbell Drive (SW 312th Street) which is the main east/west corridor in Homestead. The subject location is in the most desirable area of Homestead which boasts the highest 1-mile Median Household Income of $63,259 and a 19.5% expected population growth over the next 5 years. Campbell Drive is an exit off of Florida’s Turnpike and is the very exit needed to get to Homestead Hospital of the Baptist Health System; which is walking distance from the property. Also walking distance from the property is Crystal Lakes Plaza, a brand-new shopping center anchored by Presidente Supermarket, 24 Hour Fitness and other national tenants. Just on the other side of the Turnpike is the Homestead Pavilion power center which is home to Kohl’s, Petco, Bed Bath and Beyond, Ross, Chipotle and more. A little further south is the Florida Keys Outlet Marketplace. Just 2.5 miles to the west is US-1 which is populated with scores of other retailers, restaurants, banks, grocery, pharmacy and more; all that serve the immediate are as both amenities and employment centers. Last but not least, both the Homestead Air Force Base and Homestead Motor Speedway, a NASCAR sanctioned raceway, about 2 miles from the subject each, generate over $600 Million in economic impact each year.