The Sovana at Stuart
Offering Start Date: Amended January, 21 2020
Location: Stuart, FL
Development Type: 182 Unit, 55+ Class A Market Rate Senior Housing Rental Community
Total Raise: $18,100,000
Investment Units: $100,000 (181 available)
Minimum Investment: $50,000
Preferred Return: 8%
Projected IRR: To be provided in offering materials
Target Investment Period: 6.5 years
Issuer: Treasure Coast, LLC
Developer: United Development Corporation
Operator: United Plus Property Management, LLC
Eligible Investors: Accredited-only
The Sovana at Stuart is a 182-unit senior market rate rental community proposed for a 9+ acre site located on U.S. Highway 1 (1950 Northwest Federal Highway) in Stuart, Florida (Martin County).
The apartments will be in two three-story and one four-story elevator equipped buildings with open corridors. There will be 92 one-bedroom units ranging in size from 800 to 858 sq. ft., and 90 two-bedroom units ranging in size from 1,059 to 1,410 sq. ft. The spacious apartments will have nine foot ceiling heights, luxury vinyl plank flooring, ceramic tile bathrooms with some double bowl vanities, elegant kitchens with granite counter tops, task lighting, high quality cabinetry, and stainless steel appliances consisting of side-by-side refrigerators with water/ice in door, range, microwave range hood, dishwasher, and disposal. Each apartment will be equipped with a washer and dryer. All apartments will have a screened patio or balcony with sliding glass doors. The apartments will be equipped with energy efficient heating/cooling systems, appliances, and ceiling fans.