New Owners for $53M North Miami Apartments
- Jun 23, 2016
“It was an opportunity to add value to a newly built property since the developer had a 2007 land basis resulting in inferior finishes for a Class A property,” Eric D. Jones, Dome Equities’ chief investment officer, told MHN. “All of which can corrected with strategic capital investment in order to drive higher rents and close significant rent gap to competition.”
The acquisition marks the firm’s eighth Florida property.
Originally constructed in 2014, Alta Mira consists of one-, two- and three-bedroom units with an average square footage of 932. Community amenities include a resort-style pool; clubhouse with resident i-Lounge & coffee bar, computers, and gaming area; fitness center with state-of-the-art cardio and strength training equipment; lush courtyards with pavilions, grills and picnic areas; and a pet park.
“As the developer’s land basis was bought at the top of the market, they scaled back finishes with respect to property landscaping, poolside and common area amenities, and interior unit finishes compared to other competing Class A properties in the area,” Jones said. “The investment strategy is a value-add program targeting interior upgrades and exterior enhancements to correct these deficiencies. The strategy also includes implementing more professional property management, which we believe exists in acquiring from a developer owner.”
The community is conveniently located between Downtown Miami, Fort Lauderdale and Doral, which provides access to over 58 million square feet of office and industrial space. The property is situated across from North Miami’s Whole Foods, is close by the Aventura Mall, Target, Miami Shores Country Club, as well as within a five-mile radius of four universities.
Dome’s real estate portfolio now totals approximately $1.27 billion, of which 94 percent are apartment properties located in 20 metropolitan areas in the United States.