Burke Leighton asks $45M for Little Havana apartments

167-unit assemblage allows for short-term rentals

Miami /
May.May 30, 2019 11:30 AM
120 Southwest Eighth Avenue, 1430 Southwest First Street, and 1023 Southwest Sixth Street, Ana Bozovic and Arthur Porosoff (Credit: Zillow, Truila, Google Maps, and Miami Girls Foundation)

120 Southwest Eighth Avenue, 1430 Southwest First Street, and 1023 Southwest Sixth Street, Ana Bozovic and Arthur Porosoff (Credit: Zillow, Truila, Google Maps, and Miami Girls Foundation)

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.


Related Articles

arrow_forward_ios
Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
Invesca scores $77M construction loan for Plantation rentals
Invesca scores $77M construction loan for Plantation rentals
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
Lissette Calderon with 2301 Northwest 33rd Avenue
Calderon pays $32M for dev site near Beckham soccer stadium
Calderon pays $32M for dev site near Beckham soccer stadium
Grant Cardone (Photo courtesy of Cardone)
How Grant Cardone built a real estate empire with other people’s money
How Grant Cardone built a real estate empire with other people’s money
Starwood Capital Group's Barry Sternlicht and Villas at the Cove Crossing at 2738 Lantana Road and 2735 Donnelly Drive in Lantana (Getty Images, Google Maps)
Sternlicht’s Starwood makes Lantana affordable housing play
Sternlicht’s Starwood makes Lantana affordable housing play
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...