Franklin Street has arranged the sale of Northview Terrace, a 57-unit, 41,400-rentable-square-foot multifamily property in North Miami, Florida, for $11.5 million, or $201,754 per unit.
Franklin Street’s South Florida Multifamily Investment Sales Team of Ryan Wold, Dan Dratch and Greg Matus arranged the transaction on behalf of both the buyer, MVP-57, LLC, and the seller, 1050 NW Havana LLP. Alec Laethem and Evan Seacat with Franklin Street Insurance Services are providing the insurance for the buyer.
Built in 1972, the property recently underwent extensive capital improvements including hurricane impact windows, new HVAC systems, new electrical wiring and panels, PVC plumbing, new roofing, an irrigation system, privacy landscaping and a security gate with phone access.
The community comprises 51 one-bedroom, one-bathroom units and 6 two-bedroom, one-bathroom units, which have all received major interior upgrades, including new kitchen cabinets and countertops, stainless steel appliances, upgraded flooring and modernized bathrooms.
“Northview Terrace Apartments offered an opportunity to purchase an unbelievably located asset in the heart of one of the hottest markets in South Florida,” said Wold. “The extensive renovations made by the previous owner make this a true turn-key property with strong day one cash flow and long-term upside potential.”
Dratch added, “Through Franklin Street’s collaborative platform, our team ensured a smooth transaction for all parties, while helping the buyer secure competitive insurance in a changing market.”