MIAMI (Oct. 18, 2018) – Berkadia has arranged the sale of Park Plaza Apartments, a 234-unit elevator-served community located in Miami. The property sold for $33.2 million, or $141,880 per unit.
Berkadia’s South Florida office represented the seller, EB Real Estate Group, a real estate investment firm based in New York. The buyer, also represented by Berkadia, was a joint venture between Coastline Management and Tower Capital Group.
The Berkadia South Florida team included Senior Director Tal Frydman, Director Yoav Yuhjtman and Associate Director Nicholas Perrone.
“After owning the asset for two years, EB Real Estate Group decided to leverage Berkadia’s investment sales team to find a qualified buyer,” said Frydman. “During our initial evaluation of the property, we believed that we could net the seller a generous return on the investment. Recognizing their projected returns over a 7-year hold period, the seller decided to deploy the asset and capitalize on the favorable multifamily market conditions. In turn, Coastline Management has a value-add plan to renovate the remaining units and improve the amenity package of the community.”
“Miami Gardens is on the brink of a renaissance,” said Eyal Mehaber, President of Coastline Management Group, Inc. “Due to a shortage of supply for affordable apartments in the eastern part of Miami-Dade County, we believe that the natural progression will be for working families to push westward within the county. This property’s close proximity to major highways and arteries for transportation and big box retail shopping is a definite draw for tenants.”
According to Berkadia’s most recent South Florida Multifamily Report, Miami-Dade continues to present solid multifamily fundamentals with a strong labor force and continued demand for housing. Despite a decrease in net absorption, deliveries narrowly exceed demand, augmenting average effective rents to $1,622 per month, an indicator that the multifamily market will consistently remain competitive.
Built in 1972, Park Plaza is located at 17600 NW 5th Avenue. One-, two- and three-bedroom units include walk-in closets, fully equipped kitchen, window coverings and central heating and air conditioning. Community amenities include fitness center, laundry facilities, grill/picnic area, business center and on-site management.
Situated in the Norland neighborhood of Miami-Dade County, the community is found near major transit routes and employment centers. Miami Gardens Drive is less than five minutes away, Florida’s Turnpike is approximately 10 minutes away and Interstate 95 is less than 10 minutes away. Aventura Hospital & Medical Center is less than 20 minutes away, and Miami-Opa Locka Executive Airport is less than 15 minutes away.