Franklin Street has negotiated the sale of Ingram Park Apartments, a 118-unit rental community located at 14255 – 14460 NW 22nd Avenue in Opa-Locka, Fla., approximately 20 minutes northwest of Miami. Hernando Perez, Joe Rubin and Oscar Banegas of Franklin Street’s multifamily investment sales team represented the seller and sourced the buyer in the transaction.
The seller, Ingram Park Apartments LLC, is a South Florida-based private family office. SteelBlock, LLC, a local investment group serving as a conduit for South American private capital, acquired the property for $8.2 million, or $69,915 per unit. The purchase price represents the highest price per unit recorded for any multifamily asset over 10 units sold in Opa-Locka since 2018. Over the past four years, Franklin Street has brokered more than $1.5 billion in multifamily investment sales transactions nationwide.
“This transaction was a true value-add investment featuring an attractive price per unit, which was well below the market average price of a stabilized multifamily asset in South Florida,” said Perez, director of multifamily investment sales at Franklin Street. “Increased investor demand will continue to create more competition for similar well-located properties, as well as value-add real estate assets in markets undergoing re-gentrification throughout the tri-county region.”
Built in 1952, Ingram Park offers a mix of 1- and 2-bedroom units located just two miles east of the Miami-Opa Locka Executive Airport and the newly finished Carrie Meeks Business Park, home of Amazon’s South Florida distribution center. The property is adjacent to several federally approved Opportunity Zones, including the Miami-Opa Locka Executive Airport.