MIAMI—Smaller multifamily properties continue seeing traction with investors looking for a safe place to park their money in growth-oriented South Florida. The latest to trade hands is Continental West Apartments.
Franklin Street’s Deme Mekras, Elliot Shainberg, and David Reinke represented the seller and buyer, both local investors, on the sale of a 36-unit multifamily building in North Miami, FL. The sale price was for $2.393 million, representing $115 per square foot. The multifamily complex is 100% leased at the time of the sale.
“With the recent upgrades, this property stands out in a mostly older neighborhood,” Shainberg tells GlobeSt.com. “That, combined with the fact that it is located very close to shopping and public transportation, made it very appealing to our buyer.”
The Continental West Apartments is located at 447 Northeast 125th Street in North Miami. The seller, Continental West Apartments, recently renovated the multifamily property, adding a new roof, plumbing, electrical, and putting in new floors and cabinetry in the units. The buyer, JC 125th Street, LLC/PTH 125th Street, LLC, plans on maintaining the property as a rental.
“The North Miami/North Miami Beach submarkets have experienced a tremendous recovery over the last two years,” says Felipe J. Echarte, a vice president of investments, in Marcus & Millichap’s Fort Lauderdale office. “The vacancy rates have improved from 15% to less than 5% today and rental rates continue to increase.” Download PDF