 |
| Deme Mekras |
MIAMI, FL, Jan. 31, 2014 —
Franklin Street Services, a full-service commercial real estate firm
with offices in Tampa, Atlanta, Miami and Jacksonville, recently brokered the
sale of 102 multifamily units for a total of $8.25 million.
The units are located in three different apartment
communities in Miami, Hialeah, and Hollywood (Hollywood Beach). The sales were transacted by the team of Deme
Mekras, Elliot Shainberg, and David Reinke. All of the buyers were foreign
investors.
In Hialeah, Franklin
Street represented the seller of the Jaclyn Apartments, a two-building, 72-unit
complex located at 1315 and 1345 West 29th Street.
The purchase price was $6.05
million or $84,027 per unit. The seller is Jaclyn LRP. The buyer was a
Panamanian investor whose identity was not disclosed.
“There is a lot of
investor demand for apartment buildings of 50-plus units in Hialeah, and Jaclyn
was one of those rare opportunities,” said Deme Mekras, regional managing
partner of Franklin Street’s Miami office.
“We generated eight written offers
within three weeks of going to market, and as a result of the competition, the
seller was able to achieve a premium price with tight terms and an expeditious
closing.”
 |
| Elliot Shainberg |
In Miami, Franklin
Street’s South Florida Multifamily team arranged the bulk sale of 20
condominium units in a 68-unit building called Garden View located at 11000 SW
200th Street.
Franklin Street represented the seller, Unique Yidios LLC,
and buyer, Fly Away 2012 LLC. The sales price was $1,050,000 or $52,500 per
unit. The buyer was from Buenos Aires, Argentina and purchased the properties
all cash.
“Because the owner sold the units in bulk, we were able to
secure more money per unit than other individual sales in the building,” said
David Reinke, investment associate in Franklin Street’s Miami office. Reinke
also noted that the buyer plans on renting out the units.
In Broward County, Franklin Street represented the seller of
a 10-unit apartment building located at 343 Van Buren Street on Hollywood
Beach.
The sales price was $1,150,000 or $115,000 per unit. The seller was 720
Property LLC and the buyer is Van Buren Holdings Inc., also backed by a foreign
investor who purchased the property all cash.
The apartment building is located just a block from the
Atlantic Ocean and within a half-mile of the Margaritaville Hollywood Beach
Resort which is currently under construction.
 |
| David Reinke |
“With proximity to
the water and a lot of redevelopment taking place, demand for multifamily
investment is substantial right now on Hollywood Beach,” said Elliot
Shainberg, senior director of Franklin Street’s Miami office.
“Multifamily
investment continues to be hot in South Florida,” said Mekras. “We’re still seeing a lot of cash buyers
from overseas who see a lot of opportunity here and regard U.S. real estate as
a safe haven for capital. Many of them are coming from highly unstable
economies and, as a result, often see
greater value in our property than local investors.”
Mekras and his team
anticipate strong demand for South Florida multifamily through 2014.
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 a complete copy of the company’s news release, please
contact:
Todd Templin
Boardroom Communications
954-370-8999/954-290-0810
.
No comments:
Post a Comment