MIAMI—Colliers International South Florida recently closed on a $61 million off-market transaction for a multifamily property located in West Kendall. The transaction highlights the growing appetite for class B and C apartments as demand for affordable market-rate rentals skyrockets in South Florida.
Investors are chasing these types of deals at a time when there's a growing supply of class A product being delivered in South Florida, particularly Miami. GlobeSt.com sat down with Larry Stockton, senior vice president of Colliers International South Florida, to find out more about this trend.
“We recently closed on a $61.24 million off-market deal for The Broadwater Apartments in suburban West Kendall, a highly populated area We had been eyeing the property for over two decades and had approached the owners on several occasions to sell the asset on their behalf for more than what they paid for it,” Stockton tells GlobeSt.com. Stockton is one of the Colliers brokers who represented the buyer and seller in the sale of The Broadwater Apartments in suburban West Kendall.
“The property last traded in 1988 for $18.5 million,” Stockton says. “We had an ideal buyer in mind so we brought the opportunity to the seller.”
(Where does class C fit into the current market? Find out.)
According to Stockton, the deal was perfect match for a willing, local seller and national buyer like Electra America. The buyer is one of the most active apartment buyers in the United States looking to re-enter the Miami market with a sizable purchase of a family owned and operated asset.
(South Florida is seeing a record-setting pace on the multifamily front. Get all the details.)
“The property is also in a great location in the exclusive Hammocks neighborhood of Kendall,” Stockton says. “The lakefront community is convenient to the Florida Turnpike or Palmetto expressway, only 30 minutes from Miami International Airport and 20 minutes from UM and FIU universities. It is near Baptist, Kendall and South Miami Hospitals and within walking distance to shopping centers, public library, restaurants and entertainment.”
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