The Real Deal Miami

Phoenix Apartments rental community in Homestead sells for $7.45 million

October 10, 2012 12:00PM

The Phoenix Apartments community in Homestead has been sold for $7.45 million to Riverfront Capital IV, a limited liability company, according to CBRE, which represented seller Heritage Phoenix in the deal. The property, which is located at 1554 NE 8th Street, has a total of 160,260 rentable square feet and was 95 percent occupied at the time of closing. CBRE has also been tapped to market another multi-family property, the Riverwalk II in Homestead. “Improving market dynamics and local employment opportunities spurred by the Florida Power & Light upgrades at the Turkey Point Plant are contributing to more investors looking for multi-housing properties in the Homestead area,” said CBRE’s Calum Weaver. — Alexander Britell