Franklin Street arranged the sale of Havana Gardens Apartments, a 12-unit rental community in Miami, Florida. The property is located on 629 SW 10th Avenue in Miami’s Little Havana submarket. The purchase price of $1.675 million, or $139,583 per door, represents the highest price per door for a 1920s-era multifamily property in the Little Havana submarket in 2018.
Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, Rafael Puig Living Trust, and secured the buyer, Jasray, LLC. The seller is a locally-based investor while the buyer resides in South America. This is the second multifamily property that Franklin Street has sold for the same owner in a span of two months.
“The buyer is a foreign private equity group based in Argentina looking to capitalize on Florida’s strong economy and stability of multifamily assets that provide greater yields than alternative investments, strong in-place cash flow, asset appreciation and long-term wealth preservation,” said Perez, director of multifamily investment sales at Franklin Street. “This transaction indicates that foreign money continues to pour into the Miami market, and investors still have a strong appetite for multifamily investments in South Florida, especially considering that the sale involved an all-cash buyer and a 1920s-era property.”
“We were introduced to the seller through Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, who service the clients’ entire real estate portfolio, which significantly reduced their premiums and increased the value of the properties,” said Banegas, investment associate. “Due to Franklin Street’s market expertise and deal experience, we were able to compress the due diligence timeframe. We closed the transaction in under 45 days of going under contract, which benefited both the buyer and seller.”
Built in 1925, Havana Gardens Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath apartment units. The owner recently spent over $250,000 in capital improvements, including installing a new roof, kitchen cabinets, counter tops, bathroom vanities, toilets, showers, light fixtures, and resurfaced and hardened floors with tile in common areas. Other renovations involved adding individual water meters for all units, security cameras throughout the building, and new lighting in hallways.
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.
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