The Real Deal Miami

Developers and investors turning to Little Havana

Melo Real Estate negotiated sale of multi-family properties in Little Havana
January 29, 2015 03:30PM

Frank Rodriguez Melo, CEO of Melo Real Estate

Frank Rodriguez Melo, CEO of Melo Real Estate

Developers and investors are now reportedly turning to neighboring Little Havana for opportunities.

Melo Real Estate recently negotiated the $5.3 million sale of six multi-family properties in Little Havana, which comes out to $56,000 per residence.

“Strong rental demand continues to drive the market, and buyers are more and more willing to persevere knowing the value that these assets are, and the growth they will continue to deliver,” Frank Rodriguez Melo, CEO of Melo Real Estate and a partner in Grupo Habita, told “These assets offered strong cash flow and fundamentals.”

Melo represented both the seller, TLGJ Prop, and the buyer, Grupo Habita, in the 57-unit multi-family sale at 911-929 Southwest Fifth Street, 107 Northwest Eighth Avenue and 776 Northwest Second Street.

In December, HFF arranged a $12.2 million refinancing for the 64,939-square-foot portfolio for Barlington Group, part of which was located in Little Havana. []Kristina Puga