Real estate investment firm Lloyd Jones has acquired FIRST Apartments, a luxury mid-rise apartment community in the up-and-coming East Little Havana enclave of Miami for $92 million. The seller was Premium Development Inc. The property is situated less than 1 mile from downtown Miami and Brickell. Walker & Dunlop brokered the sale, representing both the buyer and the seller of the property.
The first Premium Development Inc. development in the U.S., FIRST Apartments commenced construction in March 2020. The development was completed in fall 2021. The community attained 90 percent occupancy by January 2022, after having achieved an initial leasing velocity of almost 45 leases per month.
“The whole closing process for the transaction was refreshingly straightforward, without any hurdles,” Roger Karre, Premium Development Inc. chief operating officer, told Multi-Housing News. “Premium Development was blessed to work with a professional buyer such as Lloyd Jones and the legal teams of Stearns Weaver Miller Weissler Alhadeff & Sitterson P.S., First American Title Insurance Co. and Next Legal Miami.”
FIRST Apartments features one-, two and four-bedroom homes. Features and finishes include tile flooring throughout, custom closet organization systems, high-arc pulldown kitchen faucets, soft-close cabinets and drawers and blackout blinds in bedrooms. A bicycle storage area is among the common-area amenities of the community.
Little Havana represents the hub of Cuban culture in Miami. Among its best-known boulevards is Calle Ocho, which features innumerable eateries, retail establishments, galleries and dance halls, housed in buildings of multiple hues. The neighborhood’s east side is home to Marlins Park, home of Major League Baseball’s Miami Marlins.
The area encircling FIRST Apartments features five transit or subway stops within a less-than-two-mile distance. Miami International Airport is 22 minutes away, Fort Lauderdale-Hollywood International Airport 34 minutes distant. Last month, Lloyd Jones purchased an historic senior living community in Connecticut.