The property was 100% occupied at the time of acquisition
North Miami, FL (May 31, 2023) – Franklin Street has arranged the sale of Arch Creek Apartments, a 14,421-square-foot, value-add multifamily property in North Miami, for $4 million, equating to $166,666 per unit.
Franklin Street’s Multifamily Investment Sales Team of Dan Dratch, Ryan Wold and Greg Matus arranged the sale on behalf of the seller, Florida-based Tamuz 1260 Arch Creek LLC, in the transaction. The buyer is a local private investor that continues to grow their footprint in the North Miami Submarket.
Arch Creek Apartments comprises 24 units in three buildings, including a unit mix of 21 one-bedroom and one-bathroom units and three two-bedroom and two-bathroom units. Built in 1957, the property recently underwent renovations including a brand-new roof and interior upgrades such as kitchen cabinets, countertops and stainless-steel appliances. Arch Creek features an attractive courtyard with lush landscaping, providing a tranquil living environment for its tenants.
“The sale worked out to be a win-win for both the buyer and seller. As we found ourselves in a changing market while marketing the opportunity, we were able to work with an all-cash buyer who can benefit from the great rents the seller has achieved while not having to worry about rising insurance and capital costs,” said Dan Dratch, Senior Director.
Located at 1260-1280 NE 139th St., the property is situated near W Dixie Highway, which provides easy access to major corridors such as US1 & I-95. The property is also located just minutes away from Oleta River State Park and Florida International University, making it an ideal location for tenants seeking outdoor activities and educational opportunities.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.