Local Investors Drill Down Deep for Apartments
Glitzy multifamily deals get the glory, but bread-and-butter multifamily investment sales are chugging along in South Florida, earning the parties involved handsome returns, Franklin Street Real Estate Service senior director Elliot Shainberg tells us. (If you're on Atkins, you can look for a substitute like maybe a celery and cream cheese deal.) He expects bread-and-butter deal volume to remain strong as mostly local investors—foreign buyers haven’t drilled down quite this deep yet—look for a combination of rents and increasing cash flows and property values.
Franklin Street recently brokered the sale of the 36-unit Continental West Apartments at 447 NE 125th St, North Miami, which is 100% leased. Elliot, along with colleagues Deme Mekras and David Reinke, repped the seller and buyer, both local investors. The seller recently renovated the property by adding a new roof, plumbing, electrical, and putting in new floors and cabinetry in the units. With the upgrades, the property stands out in a mostly older neighborhood, Elliot says, which helped make it very appealing to the buyer.
