(l-r) JLL senior director Maurice Habif as well as directors Simon Banke and Victor Garcia, all based in Miami. Courtesy photos
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.
Investors are so eager to own apartment properties in the strong South Florida multifamily market that they are turning to older product.
These are value-add investments, meaning buyers renovate these apartment communities and then increase rents to market rate.
Most recently, Robbins Property Associates LLC, a Tampa-based multifamily owner-operator, made a value-add investment in Nova Central in Davie. Robbins Property bought it from Grand Peaks Properties Inc., a Denver-based multifamily buyer and developer, for $30.3 million, or $216,429 per unit.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
