The Real Deal Miami

Little Havana apartments sell for $5.6M

The five-building portfolio includes 57 apartments
By Keith Larsen | November 20, 2018 06:22PM

Carlos Villanueva, Little Havana

A five-building rental portfolio in Little Havana just sold for $5.6 million to New York-based Gateway Realty.

Gateway Realty bought the 57 rental apartments at 2127, 2128, 2136 and 2248 Southwest Fifth Street and 2135 Southwest Sixth Street for $98,245 per unit, according to a release.

The Keyes Company’s Carlos Villanueva represented the seller, the JoAnn Cappelletti Trust, in the sale. Mendel Fellig of Compass represented Gateway Realty.

Cappelletti and her late husband, former Miami Beach police officer Mario Cappelletti, had assembled the rental properties during the 1960s and ’70s. Most of the interest in the properties came from buyers from New York, according to a release.

Gateway Realty obtained seller financing as part of the transaction. Terms were not disclosed.

Little Havana is in the midst of a building boom. New permit filings in the first half of 2018 jumped to 155, from 48 filings in the first half of 2017, according to an analysis of new permit applications filed with the Miami Department of Buildings.

One company, Coral-Gables Metronomic has 12 construction projects planned for Little Havana, including a series of two-story residential developments called La Elaina.