May 31, 2018
MIAMI, FL – Franklin Street secured the sale of West Havana Gardens Apartments, an eight-unit rental community in Miami, Florida. The property is located on 324 SW 19th Avenue in Miami’s Little Havana submarket. The purchase price of $980,000, or $279.28 per square foot, represents the second highest PSF price for a 1930s-era multifamily property sold in Little Havana. In addition, at $122,500 per door, the asset traded for approximately $7,000-$8,000 above the average per unit sales price of a similar multifamily investment property that traded within the last six months.
Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, 324 SW 19th Avenue, LLC, and secured the buyer. Both are private investors with properties throughout South Florida. The team generated multiple offers from qualified buyers. The property was marketed for 21 days before it went under contract and closed with an all-cash buyer in 28 days after going under contract.
“We were first introduced to the seller through Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, who insured the asset and significantly lowered the clients’ premiums, greatly increasing the value of their real estate investments,” said Perez, director of multifamily investment sales at Franklin Street. “When the investor decided to sell his Little Havana asset, our established business relationship and market expertise helped us earn the client’s business and secure the exclusive listing. It’s a perfect example of how our collaborative platform is designed to work and adds value to our clients’ business.”
“We received multiple competitive offers in just three weeks after marketing the asset, which shows that there is strong demand from multifamily investments and investors are willing to pay top dollar for these opportunities,” said Banegas, investment sales associate. “Due to Franklin Street’s proactive national marketing campaign, we were able to source the most aggressive buyer and close the transaction in a compressed timeframe, approximately 90 days faster than the average sales time frame for similar buildings in the Little Havana submarket.”
West Havana Gardens Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartment units. The property is well-situated on a corner lot and includes onsite parking, plus a laundry facility. Four of the units feature a “loft style” feel with high ceilings.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com