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| Deme Mekras |
MIAMI, FL (Feb. 17, 2014) — Franklin Street Real Estate
Services announces the sale of a 112-unit apartment community in Miami Gardens,
Fla. for $6,050,000 or $54,017.86 per unit.
Deme Mekras, Elliot Shainberg, and David Reinke, all
of Franklin Street Real Estate Services, represented the seller, a local
investor George Dancea. The buyer is a local investor, led by Joseph
Lehman.
“The buyer was the most aggressive of the 11 bidders we
had,” Mekras said. “He was the one that that saw the most upside in the
property and was confident in his ability to capture it.
“ As a result he was willing to pay more than the rest and
take the risk for the privilege of owning 100+ units of infill Miami-Dade
apartments.”
The Franklin Street team was also instrumental in navigating
a requirement of the trade, that the buyer must finance the deal with the
existing lender, Mercantil Commercebank.
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| Elliott Shainberg |
The buyer plans on
spending close to $1 million in renovations including new cabinets and
flooring, adding an electronic entry gate and repaving the parking lot, all to
improve the quality of the tenant base and to boost rents.
“Through multiple
renovations the buyer will be able to increase the value and net operating
income of the property,” Mekras said.
Mekras also noted the rents for the property were the lowest
in the comparable area signaling potential buyers to see the true upside in
renovations.
“Very few value-add opportunities over 100 units are left in
South Florida,” Shainberg said. “So when these kinds of properties become
available on the market, there is a lot of investor demand.”
Built in 1972, 611 NW 177 Street is a concrete block
apartment community consisting of five buildings, each with two stories
situated on 4.08 acres of land. The property is located two blocks west of
SR-441 and within walking distance to a Walmart Supercenter.
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| David Reinke |
Franklin Street is a
family of real estate companies focused on delivering value-added solutions to
meet the evolving needs of our clients.
Through a collaborative philosophy of
leveraging the resources, expertise, and experience of each of its
divisions—Real Estate, Capital, Insurance and Management—Franklin Street offers
unmatched value and optimal solutions for clients nationwide.
For more
information on Franklin Street, please see the company’s website at www.FranklinSt.com.
For a complete
copy of the company’s news release, please contact:
Todd Templin
Executive Vice President, Boardroom Communications
1776 N. Pine Island Road, Suite 320
Plantation, FL 33322
Office phone: 954-370-8999
Cell: 954-290-0810
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