The 29-unit property secured multiple qualified offers and sold in an all-cash transaction
Miami (September 14, 2020) – Franklin Street has brokered the sale of Villa La Pinta, a 29-unit multifamily property located in Miami’s highly sought-after East Little Havana submarket. The asset sold for $3.1 million in an all-cash transaction executed in 16 days from contract to close.
The Franklin Street South Florida multifamily investment sales team, consisting of Oscar Banegas, Sergio Diez, Ryan Wold, Dan Dratch and Greg Matus, brokered the deal on behalf of both the private seller and the buyer, who is an active investor in the South Florida multifamily market.
“Our team received multiple all-cash offers within the first five days of marketing this asset, and we are pleased to have closed quickly and successfully,” said Wold.
Villa La Pinta features a unit mix of 23 one-bedroom apartments, five studio units and one efficiency. The property, built in 1925, offers several opportunities for value-add improvements, and the buyer plans to implement significant updates to modernize the building and enhance all living spaces.
“Despite being an older property, Villa La Pinta has achieved high rents due to its proximity to downtown Miami and Brickell. The buyer now has an excellent opportunity to stabilize and sustain those rents through a renovation program,” said Banegas.
At 501 SW 6th Court, Villa La Pinta is located in the heart of Little Havana, approximately a mile west from Downtown Miami and Brickell City Centre, which consists of national retailers and renowned dining and hospitality concepts. Three blocks south of the property is the world-famous “Calle Ocho,” which serves as a major tourism hub.
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