Key International sells Little Havana apartments

79-unit property is 97% occupied

TRD MIAMI /
Apr.April 05, 2019 01:30 PM

Havana Palms, Ryan Shaw, Arthur Porosoff and Fernando Polanco

Key International sold a group of apartments in Little Havana for $10.1 million.

The Miami-based company, led by co-presidents Inigo and Diego Ardid, sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street in Miami, to an undisclosed foreign buyer, according to Marcus & Millichap.

The 2-acre property includes 10 buildings built in 1947. The property was 97 percent occupied at closing, according to a release. Marcus & Millichap’s Arthur Porosoff and Ryan Shaw represented Key International, and Fernando Polanco represented the buyer.

Havana Palms II sold for about $128,000 per apartment.

The property, which could eventually be redeveloped, consists of three studios, 48 one-bedroom apartments and 28 two-bedroom apartments. It hit the market last year for $11.25 million.

Key International affiliate LH Acquisitions Inc. paid $2.5 million for the Little Havana complex in 2001, records show.

The property is northwest of Brickell and the Miami River. Last year, the unit owners at a boutique building in East Little Havana joined together to list their property for $5.2 million, or about $325,000 per unit.

Miami-based Key International recently broke ground on a 10-story, 171-room AC Hotel by Marriott near the beach in Fort Lauderdale.


Related Articles

arrow_forward_ios
Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Rendering of Soleste Twenty2 and Robert Suris

Estate Companies completes 338-unit West Miami project

A rendering of Society Las Olas (Credit: Facebook)

16K apartments to be delivered in South Florida this year: report

Brian Gordon and Gio Midtown

Magellan launches leasing of Midtown Miami apartment tower

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Bella Apartments at 225 179th Drive (Credit: Google Maps)

Investor buys Sunny Isles apartments

arrow_forward_ios
Loading...