Why you should not buy Multifamily in Miami right now:

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• Cap rates are ~5%
• Debt is +6%.
• expense inflation
• Insurance has been a problem
• Supply wave in certain pockets

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Why you should:

1. There are few buyers today.
2. Most groups are net bearish, waiting for “a reckoning”
3. Multifamily properties that traded for ~$400K/unit in 2022 are now trading for ~$300K/unit.
4. The cost to build those assets have gone from ~$250K/unit to +$375K/unit.
5. Insurance is normalizing.
6. Steve Ross, Ken Griffin, Jeff Bezos, Witkoff, SWIRE, Apple, Amazon, Citadel, the Brightline, LATAM, and Michelin stars continue expanding into the most land constrained, primary market in the United States.
   1. The second-order effects of this will be most apparent in ~2030+
7. Hybrid/remote work is here to stay and Miami is the lifestyle destination for young professionals and their downsizing parents alike. Two massive generations meeting in one land-constrained place.
8. Geopolitical tensions are at an all time high.
   1. A) If the world goes to hell (which it wont), Miami will boom on a relative basis as an international safe haven, similar to Dubai.
   2. B) When capital markets and geopolitical tensions ease (which they will), Miami will boom more than most as it always has in good times.

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Do you know who was the trade and international finance capital of the world for 400 years from the ninth to the twelfth century? The city-state of Venice, Italy.

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Cities like New York and Chicago have grown over hundreds of years, since the mid-nineteenth century.

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Miami is young and only getting started.

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Assets are trading ~30% below replacement cost and ~25% below 2022 valuations today.

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The opportunities you are “waiting for” are here - most just aren’t liquid enough to capitalize on them.

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**please note: a broker whose livelihood depends on investors buying land and multifamily assets in South Florida is writing this, so take it all with a grain of salt! (:

Just Closed

Here are some stats from our most recent trade:

• $8.5M land sale, $26K Per Unit.

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Latest Podcast Episode:

a rare conversation with one of Miami's Greatest Dealmakers, Isaac Toledano:

(Youtube, Spotify, Apple)

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Happy Hunting! Omar Morales ​​​

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