Multiple Little Havana Multifamily Assets Trade

Sep 10, 2014 No Comments by

Melo Real Estate President and CEO and CCIM Miami District President Frank Rodriguez Melo, CCIM, along with colleague Ronald Meyerson, represented both the Buyers and Sellers, in the sale of three multifamily properties, totaling $3,520,000.

The deals, which closed on August 20, 2014, comprised 52 units within four folios in the Little Havana neighborhood:

  • Cobest Properties, LLC purchased a 29-unit asset located at 1124-1134 SW 4th Street from Seller Montebonito Corp. for $1,650.000.
  • Grupo Habita 619 LLC paid $1,340,000 for 23 multifamily units located at 619 SW 2nd Street from Sellers Danny and Harold Schoket.
  • A 6-unit multifamily asset located at 629 NW 1 Street was purchased by Penta Investment, LLC from Kennit Group, LLC for $530,000.

“Buyers are becoming increasingly motivated due to strong rental demand, improved employment and favorable lending terms,” commented Rodriguez. “We’re seeing lots of competition for loans as multiple lending institutions have a flavor for multifamily.  The open spigot gives borrowers better leverage to negotiate business terms, like rate, amortization schedules, amount and types of guarantees,” he continued.

Melo stated that the one area that continues to be coveted is adequate operator and management experience – a key ingredient to being successful in Little Havana.

Little Havana has long been associated with popular social, cultural, and political activities, including the Calle Ocho Festival, Viernes Culturales/Cultural Fridays, the Three Kings Parade and others, televised to millions of people every year on different continents.

The neighborhood and its “main street” Calle Ocho (SW 8th Street/Tamiami Trail) is characterized by a robust street life, excellent restaurants, music and other cultural activities, mom and pop enterprises, political passion, and great warmth amongst its residents.

 

About Melo Real Estate:  Melo Real Estate focuses on the representation of real estate owners, investors, and developers.  The firm is located at 605 W Flagler Street in Miami.  For more information, please visit www.melorealestate.com or call 305.326.8855.

About CCIM:  A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. The designation is awarded by CCIM Institute. A CCIM is a resource to the commercial real estate owner, investor, and user, and is among a corps of over 9,500 professionals around the globe who hold the CCIM designation. CCIM designees live and work in the U.S., Canada, Mexico, and more than 35 other nations. International membership includes more than 1,000 professionals. CCIMs must be proficient in the areas of investment analysis, market analysis, user decision analysis and financial analysis for commercial real estate.

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Industry News, Miami-Dade County Multifamily, Multifamily
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