Franklin Street Facilitates $2M Miami Sale
- Jun 27, 2018
Franklin Street has arranged the disposal of Royal Palms Apartments, a 27-unit community in Miami’s Homestead submarket for $1.7 million, or $62,963 per unit. Investment associates Oscar Banegas, Kameron Djamal and Dan Dratch, represented the seller, Amor Prudential, in this transaction.
Director of Capital Advisors Tony Gannacone secured financing through a partnership with Sabal Capital, while Evan Seacat and Ryan Cassidy provided insurance for the asset. At the time of the negotiations, the building was fully leased.
Located at 160-183 NW 9th St., the property features a mix of one-, two and three-bedroom units. Spreading across almost two acres, Royal Palms Apartments includes onsite parking and laundry facilities.
“We closed the transaction in a compressed timeframe. The investors were attracted by the community’s long-term occupancy rates, unique identity and small-town feel that makes it an appealing place for families to work and live,” said Banegas, in prepared remarks.
Last month, Franklin Street arranged a 10-year Freddie Mac acquisition loan for the acquisition of the 156-unit Villages at Laurel Meadows in Bartow, Fla. The company represented the buyer.
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