Lakefront Miami-Dade Apartments Trade for $23M in Multifamily Boom
Capital Commercial Real Estate Group brokers closed the sale of the Silver Blue Lake apartment complex.
April 23, 2019 at 12:54 PM
3 minute read
With a booming Miami-Dade County multifamily market, it's been rare to see large transactions because owners prefer to keep the rising income stream.
Yet Capital Commercial Real Estate Group Inc. broker Randy North and associate and agent Sofia Sagastegui, both based in Davie, closed the $23.3 million sale of the Silver Blue Lake apartment complex west of Interstate 95 at 1401 NW 103rd St.
Newcastle Invest LLC, an affiliate of Coral Springs-based KVR Properties, bought the three-story, 239-unit complex on 7.6 acres from 103 Silver Blue Lake Apartments LLC, according to North and Sagastegui. The transaction closed April 12 at $97,490 per unit.
“It's very hard to get apartment building inventory these days,” North said.
“In Miami especially and on the lake,” Sagastegui added.
Silver Blue Lake is named for the adjacent lake with the same name. Each unit has a panoramic lake view.
North and Sagastegui work daily to find sellers willing to trade.
“We tell them we have buyers and they are all, 'That's wonderful. But once you sell my property, what do you have for me to buy or to exchange into, and there's hardly anything around.' So they say, 'We are going to keep it,' ” North said.
Demand is heavy for multifamily properties, and South Florida occupancy will reach 95.5% this year, up from 95% last year, according to a Berkadia report.
Climbing rents have been good news for landlords and investors but bad news for existing tenants. Many renters' wages aren't increasing as much as their rents, pricing some out of their homes.
The regional average effective rent will increase to $1,606, up by 3.7% this year, according to the Berkadia report.
Rents at Silver Blue Lake, which was nearly fully leased at the time of sale, also will increase.
For KVR Properties, this was a value-add investment with plans for renovations and higher rental rates, North and Sagastegui said. The planned work includes exterior painting and installed an electronic entry gate. Once done, KVR Properties will up rents, likely displacing some of the current tenants.
“Because the proximity to Hialeah and the lack of apartments in Hialeah, they thought this is a perfect candidate” as a value-add investment, North said. “The rents will absolutely be brought up to Hialeah standards.”
Rents currently average $895 a month for one-bedroom units, range from $1,100 to $1,175 for two bedrooms and are $1,250 for three bedrooms, Sagastegui said.
Apartments are “just the hottest product on the market because of the occupancy, because of the demand,” North said. “Everybody needs a place to live and, as soon as we get something, it gets scooped up.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllFowler White Burnett Opens Jacksonville Office Focused on Transportation Practice
3 minute readHow Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute readThe Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute readMeet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250