MIAMI-In one of the final multifamily deals of 2010, the South Dade Portfolio, two apartment communities spanning 150 units in Homestead, has sold for $5.59 million. The deal includes two, two-story garden-style apartment communities that were built between 1970 and 1971.
Marcus & Millichap's Vice President of Investments Daniel Draizin, Senior Vice President of Investments Evan Kristol, and First Vice President of Investments Still Hunter, III in the Fort Lauderdale office represented the seller of the property, a private investor from Coral Gables. An unidentified outside broker secured the buyer, a private investor from North Miami.
"This was the first sale of a large, non-distressed, multi-family property within the last three years in Homestead," Draizin tells GlobeSt.com. "The buyer was attracted to the property's cash-flow. It was more than 95% occupied at the point of sale."
The properties are located at 15451 SW 288 Street and 527 S. Flagler Avenue in Homestead. Both apartment communities were constructed of concrete block and painted stucco exterior and have recently undergone major renovations by the current owner including, exterior paint, ceramic tiling floors, new air-conditioning units and cabinetry.
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