Franklin Street negotiated the sale of Royal Palms Apartments, a 27-unit rental community located at 160-183 NW 9th Street in Miami’s Homestead submarket. The buyer, 9th Street Homestead, LLC, paid $1.7 million for the property, which equates to $62,963 per unit or $94.20 per square foot.
Franklin Street’s South Florida multifamily investment sales team, which included Oscar Banegas, Kameron Djamal and Dan Dratch, represented the seller, Texas-based Amor Prudential, LLC, in the sale. The property was marketed for only seven days before it went under contract and closed in 68 days after the offer was accepted.
Franklin Street Capital Advisors’ Tony Gannacone secured financing for the transaction through a partnership with Sabal Capital of Newport Beach, Calif. Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, provided insurance for the asset.
“We closed the transaction in a compressed timeframe, approximately 45 days faster than the average sale for similar properties in the Homestead submarket,” said Banegas, investment sales associate. “The investors were attracted by the community’s long-term occupancy rates, unique identity, and small-town feel that makes it an appealing place for families to work and live.”
“We were able to leverage our national relationship network to place the property under contract within one week after marketing the asset,” said Dratch, senior associate. “This is a case study for Franklin Street’s unique ability to bundle a multitude of services—from sourcing capital to providing insurance to managing a property to selling an apartment complex—in one setting.”
Royal Palm Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath, 1-bedroom/1-bath and 3-bedroom/1-bath apartment units. The property is well-situated on a 1.61-acre lot and includes onsite parking, plus a laundry facility.
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. Learn more about Franklin Street at FranklinSt.com.