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News in Brief: CyberCoders opens South Florida office; AC Hotel at Dadeland Mall to break ground this month

Excerpted from South Florida Business Journal story.

Franklin Street negotiated the $3 million sale of Marlin Manor Apartments, a 24-unit rental community at 1528 N.W. Third Ave. in Miami’s Little Havana. www.franklinst.com.

For full story, visit https://www.bizjournals.com/southflorida/news/2019/07/17/news-in-brief-07-19-2019.html

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Franklin Street Negotiates Multifamily Asset Sale in Miami’s Little Havana Neighborhood

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.

 
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Franklin Street Negotiates Multifamily Asset Sale in Miami’s Little Havana

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.

 
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Franklin Street’s Hernando Perez On Miami’s Hot Multifamily Market

Excerpted from GlobeSt.com story.

GlobeSt.com caught up with Hernando Perez, director of Multifamily Investment Sales at Franklin Street to discuss trends in Miami’s occupancy rates, what is driving them and why Little Havana is an incredible market.

For full story, visit https://www.globest.com/2018/09/04/franklin-streets-hernando-perez-on-miamis-hot-multifamily-market/

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Franklin Street Closes $2.7 Million Sale of Marlin Gardens Apartments in Miami

Franklin Street closed the sale of Marlin Gardens Apartments, an 18-unit rental community in Miami, Florida.  The property is located on 1129 NW 3rd Street in Miami’s Little Havana submarket.  The purchase price of $2.7 million, or $150,000 per door, represents the highest price per door for a 1920s-era multifamily property of over 10 units sold in Little Havana in the past decade. It is also the highest overall sales price for a 1920s-built apartment building sold in the Little Havana neighborhood within the last 12 months.

Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, 1129 NW 3rd Street, LLC, and secured the buyer, Cribella of Florida, LLC. The seller is a locally-based investor while the buyer resides in Nicaragua.  This is the third multifamily property that Franklin Street has sold for the same owner in a span of four months. Franklin Street’s Ryan Cassidy and Evan Seacat provided insurance for the asset.

“South Florida continues to show a strong demand for multifamily investments as investors are willing to pay top of the market prices for assets such as Marlin Gardens,” said Perez, director of multifamily investment sales at Franklin Street.  “In a market where single-family home values continue to rise, more and more individuals are inclined to rent, keeping Miami’s rental market competitive and in high demand.” 

“With the recent social-economic troubles in many Latin American countries, Miami is experiencing an increased influx of foreign capital being deployed into the market, strengthening an already strong real estate sector,” said Banegas, investment associate.   

Built in 1927, Marlin Gardens features a unit mix of all 2-bedroom/1-bath units, with central A/C’s, and individual water meters. The owner completed a full rehab of the property by installing impact-resistant windows, kitchen cabinets, counter tops, modern appliance packages, bathroom vanities, toilets, showers, light fixtures, and LED lighting in the hallways. The renovation included a complete electrical overhaul, resurfaced and hardened floors with tile throughout the common area hallways. In addition, the building is ideally situated approximately two blocks from the world-famous Miami Marlins Stadium and walking distance to Flagler Street and Calle 8.  

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. 

 
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South Florida Business News in Brief for the week of Aug. 10

Excerpted from South Florida Business Journal story.

Franklin Street arranged the $1.7 million sale of Havana Gardens Apartments, a 12-unit rental community at 629 S.W. 10th Ave. in Miami. www.franklinst.com.

For full story, visit https://www.bizjournals.com/southflorida/news/2018/08/07/news-in-brief-08-10-2018.html

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Miami Multifamily Building Trades for $1.7 Million

Excerpted from Daily Business Review story.

Address: 629 SW 10th Ave. in Miami
Property type: This is a 9,610-square-foot, three-story multifamily building with 12 units. It was constructed in 1925.

Price: $1,675,000
Price per unit: $139,583

Seller: 629 SW 10th Avenue LLC

Buyer: Jasray LLC
Past sale: $1,260,000 in January 2016

Note: Franklin Street arranged the sale of Havana Gardens Apartments, a 12-unit rental community in Miami, Florida.  The property is located on 629 SW 10th Avenue in Miami’s Little Havana submarket.  

For full story, visit https://www.law.com/dailybusinessreview/2018/07/31/miami-multifamily-building-trades-for-1-7-million/

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Franklin Street Arranges Apartment Community Sale in Miami’s Little Havana

Franklin Street arranged the sale of Havana Gardens Apartments, a 12-unit rental community in Miami, Florida.  The property is located on 629 SW 10th Avenue in Miami’s Little Havana submarket.  The purchase price of $1.675 million, or $139,583 per door, represents the highest price per door for a 1920s-era multifamily property in the Little Havana submarket in 2018.

Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, Rafael Puig Living Trust, and secured the buyer, Jasray, LLC. The seller is a locally-based investor while the buyer resides in South America.  This is the second multifamily property that Franklin Street has sold for the same owner in a span of two months.

“The buyer is a foreign private equity group based in Argentina looking to capitalize on Florida’s strong economy and stability of multifamily assets that provide greater yields than alternative investments, strong in-place cash flow, asset appreciation and long-term wealth preservation,” said Perez, director of multifamily investment sales at Franklin Street.  “This transaction indicates that foreign money continues to pour into the Miami market, and investors still have a strong appetite for multifamily investments in South Florida, especially considering that the sale involved an all-cash buyer and a 1920s-era property.”

“We were introduced to the seller through Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, who service the clients’ entire real estate portfolio, which significantly reduced their premiums and increased the value of the properties,” said Banegas, investment associate. “Due to Franklin Street’s market expertise and deal experience, we were able to compress the due diligence timeframe. We closed the transaction in under 45 days of going under contract, which benefited both the buyer and seller.”  

Built in 1925, Havana Gardens Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath apartment units. The owner recently spent over $250,000 in capital improvements, including installing a new roof, kitchen cabinets, counter tops, bathroom vanities, toilets, showers, light fixtures, and resurfaced and hardened floors with tile in common areas. Other renovations involved adding individual water meters for all units, security cameras throughout the building, and new lighting in hallways.

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

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South Florida Business News in Brief for the week of June 15

Excerpted from South Florida Business Journal story.

Franklin Street secured the $980,000 sale of West Havana Gardens Apartments, an eight-unit rental community at 324 S.W. 19th Ave. in Miami. www.franklinst.com.

For full story, visit https://www.bizjournals.com/southflorida/news/2018/06/12/news-in-brief-06-15-2018.html

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Franklin Street Closes Apartment Sale in Miami’s Little Havana

Franklin Street secured the sale of West Havana Gardens Apartments, an eight-unit rental community in Miami, Florida.  The property is located on 324 SW 19th Avenue in Miami’s Little Havana submarket.  The purchase price of $980,000, or $279.28 per square foot, represents the second highest PSF price for a 1930s-era multifamily property sold in Little Havana. In addition, at $122,500 per door, the asset traded for approximately $7,000-$8,000 above the average per unit sales price of a similar multifamily investment property that traded within the last six months.

Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, 324 SW 19th Avenue, LLC, and secured the buyer. Both are private investors with properties throughout South Florida.  The team generated multiple offers from qualified buyers. The property was marketed for 21 days before it went under contract and closed with an all-cash buyer in 28 days after going under contract.

“We were first introduced to the seller through Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, who insured the asset and significantly lowered the clients’ premiums, greatly increasing the value of  their real estate investments,” said Perez, Director of Multifamily Investment Sales at Franklin Street.  “When the investor decided to sell his Little Havana asset, our established business relationship and market expertise helped us earn the client’s business and secure the exclusive listing. It’s a perfect example of how our collaborative platform is designed to work and adds value to our clients’ business.” 

“We received multiple competitive offers in just three weeks after marketing the asset, which shows that there is strong demand from multifamily investments and investors are willing to pay top dollar for these opportunities,” said Banegas, Investment Sales Associate. “Due to Franklin Street’s proactive national marketing campaign, we were able to source the most aggressive buyer and close the transaction in a compressed timeframe, approximately 90 days faster than the average sales time frame for similar buildings in the Little Havana submarket.” 
 
West Havana Gardens Apartments is 100 percent occupied and offers a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartment units. The property is well-situated on a corner lot and includes onsite parking, plus a laundry facility. Four of the units feature a “loft style” feel with high ceilings.

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.