A Boca Raton-based real estate investment firm closed on a $9.1 million bulk condo purchase in southwest Miami-Dade.
The company, managed by Glenn Alba, CEO of Opterra Capital, bought 39 condos at the Gables Court Condominiums, a 160-unit complex at 6821, 6851 and 6861 Southwest 44th Street, between South Miami and Coral Gables, according to records. The deal equates to roughly $233,333 per unit.
The seller is an entity managed by Nomray Alaska LLC, whose authorized representative is James Yarmon, president of Anchorage-based real estate company Yarmon Investments, records show. Yarmon’s entity purchased the 39 condos from individual owners in 2013. The complex was completed in 2006.
Avison Young’s Rosendo Caviero, who marketed the units for the seller, said the deal represents the highest price per condo sold in bulk in the southwest Miami-Dade submarket this year.
“When I did my comps, I didn’t see any other deal of fractured condos in the southwest section that came close,” Caviero said. “There is another [bulk deal] for sale, but at a much lower number. And there are not that many other fractured condo sales.”
The 39 condos were listed in April, and negotiations with Opterra began a month later, Caviero said. “While we qualified this buyer and made sure they had financial capability, we continued to get more offers that were much higher than [the price] under contract, including several willing to pay cash. It was a good position to be in.”
Investors are looking to capitalize on the booming multifamily market by acquiring units in well-maintained condominium complexes, Caviero said. “[Coral Gables Court] is in great shape,” he said. “The other thing is its location. You are pretty much in close proximity to Miami, and it is also a walkable community.”
Over the past 12 months, Miami-Dade’s multifamily occupancy rate rose to 97 percent from 94 percent, Caviero said. The average monthly rent at Coral Gables Court is $2,000, and the complex is 100 percent occupied, he added.
In recent months, Miami-Dade experienced a number of high profile bulk sales. Developers Ari Pearl and Jonathan Leifer sold 45 units at their converted Bay Harbor Islands condo-hotel for roughly $21.4 million.
The Related Group and Two Roads Development have a deal in place to close on all 88 units at the oceanfront Carlton Terrace Condominium in Bal Harbour for $130 million, and redevelop the site. Mast Capital paid $100.8 million to acquire 108 units in La Costa, a condominium at 5333 Collins Avenue, or roughly 87 percent of the building. In August, the city declared La Costa unsafe and ordered its evacuation.