Summer Grove Apartments, a 116-unit multifamily property near Tamiami in western Miami-Dade County, sold for $22.5 million.
Ralgo Coral Way LLC, a personal trust managed by Amy and Richard Gonzalez, bought the apartment complex at 10331 Southwest 24th Street for $193,534 per unit, records show. Caesuvest, a Florida company managed by Guillermo Hernández Roura, sold the property.
Caesuvest had owned and operated the apartment complex for more than 35 years, according to a press release from Marcus & Millichap.
Marcus & Millichap’s Joseph Thomas, Adam G. Duncan, Brett McMahon and Elliot Blasser represented the seller in the deal. Marcus and Millichap’s Jonathan De La Rosa, Eduardo Toledo and Jorge Ruiz represented the buyer.
Summer Grove consists of 12 two-story apartment buildings encompassing more than 93,000 rentable square feet and 5 acres of land. Monthly rents for one-bedroom apartments start at $1,350, according to apartments.com. The property was built in 1973, records show.
Rents are starting to fall in some parts of Miami amid a large influx of new apartments hitting the market.
A recent report from Berkadia showed that in West Miami and Doral, monthly rents actually decreased 2.2 percent to $1,850.
The report indicated that the overall average occupancy rate for apartments in South Florida remains high, at 96.1 percent, in June.