Apartment building in Little Havana flips for $6M

The apartments sold for nearly $300K per unit

900 Southwest Seventh Street and a Calle Ocho rooster (Credit: Google Maps, Phillip Pessar | Flickr)
900 Southwest Seventh Street and a Calle Ocho rooster (Credit: Google Maps, Phillip Pessar | Flickr)

An investor flipped a Little Havana apartment building for $6.2 million after buying it a few months ago.

Aurora Investments Florida, led by Coral Gables attorney Oswaldo Martinez, sold the 21-unit apartment building at 900 Southwest Seventh Street for $295,238 per unit, records show. The buyer is Casa Aurora LLC, which is led by Terrell Rhye of Miami.

The investment firm bought the building for $5.5 million in March, records show. Rents start at $1,600, according to Apartments.com. The building was constructed in 2016 and totals 43,179 square feet on a 14,536-square-foot lot, records show.

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Developers are targeting multifamily properties in Little Havana, especially ones recently built. In September, Bar Invest Group sold an apartment building it built in Little Havana for $7.1 million to Beraja Investments.

Earlier this year, Key International sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street, for $10.1 million, or about $128,000 per unit. In April, a group of investors acquired a 103-unit apartment portfolio in the neighborhood, with plans to upgrade the properties and flip them.

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 and 65 residential units per acre.

Investors also are 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.