Cushman & Wakefield’s Miami team has arranged the $60 million sale of Vista Verde at Westchester, a 302-unit, value-add community in Miami. The property is situated next to a Publix-anchored shopping center, as well as Florida International University, a public institution of high education where 55,000 students are enrolled.
In the sale, Cushman & Wakefield’s Florida multifamily team represented Miami-based Rilea Group, a real estate developer investing in value-add South Florida multifamily, office and retail properties. Aventura, Fla.-based Advenir is the buyer. Advenir purchases and operates multifamily communities throughout the U.S. on behalf of high-net-worth and institutional investors. The property traded for $197,848 per unit.
Vista Verde at Westchester features a mix of floor plans from studio apartments to two-bedroom residences. Apartments average 751 square feet in size. The quarter-century old apartment community is located 10491 SW 14th Terrace, near the intersection of 107th and Tamiami Trail. Nearby are retail and dining venues that include Walgreens, CVS, OrangeTheory Fitness, Five Guys, Menchies, Taco Bus and Smoothie King.
Areas for picnics
Community amenities include a pool and kiddie pool, fitness center, playground and picnic areas. Approximately 20 percent of the units have been updated with stainless steel appliances, granite countertops, new flooring, new cabinetry, new sinks and refinished ceilings.
Cushman & Wakefield’s Florida multifamily team is directed by Vice Chairman Robert Given. It includes Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst James Quinn. “The bidding process for this property was very competitive due to its irreplaceable location next to a major university, as well as the lack of available development sites in the surrounding area,” Given said. “Additionally, the opportunity to continue the renovation program presents the buyer with significant potential to further enhance cash flows.”