Commercial Real Estate, Capital, Insurance, Leasing & Management

Franklin Street brokers 102-unit sale in South Florida

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Miami, Hialeah & Hollywood, Fla.—Franklin Street Services has brokered the sale of 102 multifamily units for $8.3 million. The units are located in three different communities in Miami, Hialeah and Hollywood, Fla. The team of Deme Mekras, Elliot Shainberg and David Reinke handled the transaction. All of the buyers were foreign investors.

In Hialeah, Franklin Street represented the seller of the Jaclyn Apartments, a two-building, 72-unit complex located at 1315 and 1345 West 29th Street. The purchase price was $6.1 million or $84,027 per unit. The seller is Jaclyn LRP. The buyer was a Panamanian investor whose identity was not disclosed.

In Miami, Franklin Street’s South Florida Multifamily team arranged the bulk sale of 20 condominium units in a 68-unit building called Garden View located at 11000 SW 200th Street. Franklin Street represented the seller, Unique Yidios LLC, and buyer, Fly Away 2012 LLC. The sales price was $1.1 million or $52,500 per unit. The buyer was from Buenos Aires, Argentina and purchased the properties all cash. In Broward County, Franklin Street represented the seller of a 10-unit apartment building located at 343 Van Buren Street on Hollywood Beach. The sales price was $1.2 million or $115,000 per unit. The seller was 720 Property LLC and the buyer is Van Buren Holdings Inc., also backed by a foreign investor who purchased the property all cash.

“Multifamily investment continues to be hot in South Florida,” said Mekras. “We’re still seeing a lot of cash buyers from overseas who see a lot of opportunity here and regard U.S. real estate as a safe haven for capital. Many of them are coming from highly unstable economies and, as a result, often see greater value in our property than local investors.” Download PDF

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