A portfolio of three apartment buildings in Little Havana is being listed for sale for $45 million in one of the largest portfolio listings to hit the market in the Miami neighborhood.
The New York-based private equity group, Burke Leighton Group LLC, is selling the 167-unit assemblage, which breaks down to $269,000 per apartment. The properties are being listed by Arthur Porosoff of Porosoff and Partners with Ana Bozovic of Analytics Miami assisting in the transaction.
The properties are: the 63-unit, 11-story Ipanema building at 120 Southwest Eighth Avenue; the 60-unit, six-story Victorian building at 1430 Southwest First Street; and the 44-unit, five-story Miramar building at 1023 Southwest Sixth Street. The buildings, built between 2010 and 2014, all allow for short-term rentals.
The new buildings are a rarity in Little Havana where many of the buildings are decades old and in need of renovations, Bozovic said.
Burke Leighton paid a combined $35.1 million for the properties in 2015 and 2016, records show.
Little Havana has seen a wave of interest from investors due to its proximity to Brickell and Miami International Airport. Unlike Brickell, most of Little Havana is zoned for medium-density development – either T4 or T5. That means that development is capped at five stories tall and 65 residential units per acre.
Investors are also proposing new apartments in the neighborhood. Ricky Trinidad’s Metronomic is planning several developments in Little Havana, including a series of two-story residential projects called La Elaina, and a five-story office building called SieteOcho at 640 Southwest Eighth Avenue.