Palm Beach Gardens firm scoops up apartment complex in Homestead

Deal breaks down to about $85,700 per unit

32200 Southwest 187 Avenue (Credit: Google)
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.

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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.