Luxury Apartment Trades for $92M in Miami

Lloyd Jones has acquired a luxury apartment building in Miami’s East Little Havana neighborhood for $92 million from Premium Development. 

Walker & Dunlop’s Still Hunter and Kaya Suarez represented the buyer and the seller in the transaction.

First Apartments, a mid-rise apartment community situated less than one mile from both Downtown Miami and Brickell, reached 90% occupancy by January 2022, “reflecting an extraordinary initial leasing velocity of nearly 45 leases per month,” according to Walker & Dunlop.

“Since opening its doors in late September, First Apartments has enjoyed an increase in lease rates with recent leases signed for more than 25% above initial leases,” Roger Karré, the Chief Operations Officer at Premium Development, said in prepared remarks. “With rental rates that are nearly $500 below communities with comparable finishes and amenities, First Apartments enjoys the enviable position as the best value in the local competitive set.”

Miami has been a highly desirable place to live this year, according to multiple reports. Redfin reported in mid-June that in April and May those wanting to move were looking most to Miami and Tampa.

In a sign of supply and demand, the Waller Weeks & Johnson Rental Index, a collaboration started this year by FAU, The University of Alabama and Florida Gulf Coast University, determined that metro Miami was the nation’s most overvalued rental market in May.

Miami renters were paying a premium of 22.7 percent, making it the top market for the third consecutive month.