Miami Community Trades for $22M
- Aug 01, 2019
Summer Grove Apartments, a 116-unit apartment community in Miami, recently changed hands. The asset traded for $22.5 million or $193,534 per unit. Marcus & Millichap represented both buyer and seller, personal trusts, in the transaction.
Located at 10331 SW 24th St., next to Tamiami Park and Florida International University, the community is close to the Tamiami Trail and the Ronald Reagan Turnpike. Downtown Miami is roughly 16 miles east of the property and Miami International Airport is within a 20-minute drive northeast.
Developed in phases in 1973 and 1984 on a 5-acre parcel, Summer Grove consists of 12 two-story buildings. The unit mix features one- to three-bedroom apartments with floorplans averaging 905 square feet, per Yardi Matrix data. Common-area amenities include a swimming pool, laundry facilities and 172 parking spaces. The property was 98.3 percent occupied as of June.
According to Joseph P. Thomas, senior vice president investments in Marcus & Millichap’s Miami office, the seller owned and operated the multifamily asset for more than 35 years and their decision to sell was driven mainly by the ownership life cycle, but also by the current market conditions.
Thomas, together with First Vice President Investments Adam G. Duncan and Associates Brett McMahon and Elliot Blasser, marketed the property and negotiated on behalf of the seller. The buyer was represented by Vice President Investments Jonathan De La Rosa, Associate Eduardo Toledo and Senior Associate Jorge Ruiz.
Approximately 12 miles east of Summer Grove, the 688-unit Miami River Walk is underway. The first phase is slated for delivery in the fourth quarter of 2020.