Marcus & Millichap Facilitates $30M Sale of Affordable FL Asset
- Jul 21, 2017
Marcus & Millichap has arranged the sale of Cabana Club Apartments, a 332-unit Section 42 Low Income Housing Tax Credit community for seniors in Cutler Bay, Fla. The $30 million sales price represents more than $90,000 per unit. First Vice Presidents of Investments Evan Kristol and Felipe Echarte represented the seller, a New York-based investment group, and procured the buyer, a national low income housing preservation real estate group.
Located at 19701 S.W. 110th Court, the two-building asset is close to shopping options, with downtown Miami within a 50-minute drive. The fully affordable community features two studios, 298 one- and 34 two-bedroom units. Amenities include a swimming pool, fitness center, clubhouse and 690 parking spaces.
“The buyer owns and operates affordable housing facilities across the U.S. and plans to invest significantly in Cabana Club,” Kristol said in a prepared statement. “Significant rent growth in the Cutler Bay submarket has recently made numerous value-add opportunity trades possible. In the face of a diminishing supply of affordable housing, this transaction will provide eligible seniors with low-cost rental units for many years to come,” Echarte added.
According to Yardi Matrix data, the 1969-built property last traded in 2014 for $16.1 million. The sale was subject to a $13.4 million loan funded by Fannie Mae.
Images courtesy of Yardi Matrix