Palm Beach Gardens firm scoops up apartment complex in Homestead

Deal breaks down to about $85,700 per unit

TRD MIAMI /
Feb.February 14, 2018 04:35 PM

32200 Southwest 187 Avenue (Credit: Google)

A rental community in Homestead just traded hands for $7.8 million, underscoring the recent uptick in investor activity in south Miami-Dade.

Property records show a Palm Beach Gardens-based company led by Kenneth Weiss bought a 91-unit apartment complex from Creative Choice Homes VII LTD, led by investor Yash Pal Kakkar.

The deal breaks down to about $85,700 per unit. It previously sold for $1.4 million, or $15,250 per unit, in 1994. Records show the property at 32200 Southwest 187 Avenue, was developed on a 4.8-acre lot in 1971.

Other real estate players investing in Homestead include Starwood Capital, with its recent acquisition of a 312-unit complex called Homestead Colony, and Miami-based Lennar Corp., which purchased more than 77 acres for $10.75 million in July.

Rents are also on the rise. Homestead experienced some of the fastest-growing rent increases, according to Zumper. As of late last year, rents in Homestead rose by 15.1 percent year-over-year to $1,070 for a one-bedroom.


Related Articles

arrow_forward_ios
1075 Southeast Sixth Avenue and Arnaldo Bomnin (Credit: Google Maps)

Auto magnate sells a Homestead dealership for $19M

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

NextEra Energy CEO James Robo and the property off the Florida Turnpike at Southwest 261st Street (Credit: Facebook and Google Maps)

FPL buys 109 acres near Homestead for natural gas facility

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project

arrow_forward_ios