The Real Deal Miami

Orlando-based firm pays $8.2M for 78 units at Homestead condo community

The units are 100 percent occupied with an average monthly rent of $1,260

Caribbean Isle Villas Inset: Calum Weaver

AQRE Property Management, an Orlando-based company, just paid $8.2 million for 78 units in a condominium community in Homestead.

Entity AQRE Caribbean bought the condos at Caribbean Isle Villas, located at 2700 Pacific Boulevard Northeast. They are 100 percent occupied, according to a press release.

The condo community, built in 2007, has a total of 252 units. Of the 78 purchased, 52 units are two-bedroom, two-bathroom apartments that span 1,048 square feet. The remaining three-bedroom, two-bathroom units average almost 1,200 square feet, according to the release.

The condos traded for $105,128 per unit or about $96 per square foot, and have an average monthly rent of $1,260.

Cushman & Wakefield’s South Florida multifamily team of Calum Weaver, Robert Given, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the sale on behalf of the seller, BC Caribbean, an entity of the Russian-based investment firm Bright Capital.

BC Caribbean LLC is led by George Jr. Zaczac and Tyler Piercy, records show.

Over the past years Russian interest in South Florida has increased. Russia ranked No. 1 among foreign countries searching for Miami property online during November 2016 (the election month), according to the Miami Association of Realtors. It marked the first time Russia topped the list since 2013.

Bulk purchases tend to offer steep discounts. According to a RealtyTrac first quarter report from 2016, bulk purchases in South Florida came with a 19 percent price discount.

Yet, such purchases have never represented a large share of the South Florida market, dropping to as low as 2.5 percent in the first quarter of last year.

“These bulk size sales are pretty rare,” Weaver told The Real Deal. 

AQRE has multi-family and single-family portfolios in Tampa, Orlando, Miami and Miami Beach, according to its website.