MIAMI—Riverwalk II is up for grabs in a Homestead multifamily market that’s proven hot for investment sales. A local private investor has hired CBRE to market the property.

Located at 301 SE 6th Avenue, the 112-unit multifamily community is a Low Income Housing Tax Credit (LIHTC) community with 93% occupancy. The investment opportunity is being marketed upriced.

“We’ve already sold two multifamily deals in Homestead this year,” Calum Weaver, a member of the CBRE South Florida Multihousing Private Client Group, tells GlobeSt.com. “Overall the market dynamics are suddenly picking up there. Occupancies are generally over 95 percent and rates are increasing. Homestead has become a lot more attractive for people on a price per unit basis. You can pick up something for under $100,000 per unit. In a lot of other areas of Miami, it’s tough to find that kind of pricing.”

A combination of low interest rates, cheap debt and local employment opportunities spurred by the Florida Power & Light upgrades at the Turkey Point Plant are also helping to drive more multifamily investors to homestead. Currently, Southside Apartments, a 73-unit multifamily asset in Homestead, is also for sale at a 10% cap rate.