Franklin Street has negotiated the sale of Marlin Manor Apartments, a 24-unit rental community located at 1528 NW 3rd Avenue in the Little Havana submarket of Miami, Fla.
Hernando Perez and Oscar Banegas of Franklin Street’s Miami multifamily investment sales team represented the seller, 1528 NW 3rd Street, LLC, in the transaction. GW Little Havana, LLC, a local operator, acquired the property for $3.01 million, or $125,416 per unit.
“There’s still foreign money pouring into the Miami market, and investors haven’t lost their strong appetite for multifamily investments in South Florida,” said Perez, director at Franklin Street. “This property was purchased by a foreign private family office that is importing capital into the U.S. and seeking the security, stability and cashflow of multi-housing real estate investments.”
Built in 1923, Marlin Manor is ideally located across the street from Marlins Park, home of the Miami Marlins baseball team. The building recently underwent a full rehab with over $500,000 in renovations including a new roof, remodeled kitchens with stainless steel appliances, modern bathroom vanities and new PVC flooring throughout. Additionally, a new laundry room and upgraded fire alarm systems were installed.
“Marlin Manor is one of the largest sales in the Little Havana submarket this year in relation to the number of units, which resulted in a 115 percent higher price than the average transaction for similar 1920s vintage properties,” said Banegas, senior associate with Franklin Street. “This deal re-affirms that multifamily investments are in high demand and continues to be the preferred asset class among commercial real estate investors.”
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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.