Realtime multifamily insights and opportunities from one of the most active Land & Multifamily brokers in South Florida (+$3.3 billion closed & counting ! )
Miami Multifamily Update & Recent Trade
Before We Dive In...Job Opportunity:
Podcast: I've started recording my real estate conversations with clients to continue sharing as many data points and market commentary as possible. You can listen to my first conversation below, where I chat with Noah Miller of Royal Palm Funding who has been busier than ever operating in a niche lending space that conventional lenders often overlook: Recent Miami Multifamily TradeBerkshire Residential just bought the recently completed "29 Wyn" project in Wynwood for $135,000,000, or $544K per unit. 29 Wyn consists of a 12-story building & an 8-story building with a total of 248 apartment units and 28,400 sqft of retail. If we were to assume the 28,400 sqft of retail is valued at $10,000,000 ($352 PSF), that puts the multifamily component at $125M, or closer to $500K per unit (vs. $545K/unit). Given that the units at 29 Wyn average roughly 700 SF, that means the deal still traded at a hearty $720 PSF for the residential component. This is a great sale by Related and purchase by Berkshire Residential that should give landlords confidence in the post-rate hike valuations for prime multifamily buildings in neighborhoods like Wynwood. You can read more about the trade at The Real Deal here. Select Active OpportunitiesResia Biscayne Drive We are currently marketing this brand new 216-unit, recently stabilized, Garden-style property in Miami Dade for $60M ($278K/door). It would cost you +$315K/door to build this deal again today, if you could even find the land. Sky Villas at Bay Harbor [UNDER CONTRACT] $19M QOZ Equity Request ($5M Min.) One of the best developers in South Florida has put +3 acres of land under contract across 20+ parcels in Greater Downtown Miami. They are going to be building feasible mid-rise product in the urban core (i.e. lower "mid-rise" development costs with "high rise" rents). We are currently raising $19M of equity for investors to be able to partner up with a top-tier sponsor at the "ground level" during the predevelopment / land acquisition phase of a generational deal in Greater Downtown Miami. Click here to send me an email! I'd love to hear from you. |
Miami Multifamily Memo
Realtime multifamily insights and opportunities from one of the most active Land & Multifamily brokers in South Florida (+$3.3 billion closed & counting ! )
Omar Morales Our team is working on roughly ~$375,000,000 dollars-worth of active listings so far in the first quarter of the year. Most of the opportunities are condo / multifamily development land listings and some are existing multifamily properties. Below are just a few. Feel free to reach out for more. The next newsletter will include a market update and some commentary from me. Multifamily Listings Opportunity To Acquire A 108-unit Value-Add, Garden-style Property in Deerfield Beach...
Miami Multifamily Memo Why you should not buy Multifamily in Miami right now Why you should not buy Multifamily in Miami right now: Cap rates are ~5% Debt is +6%. expense inflation Insurance has been a problem Supply wave in certain pockets Why you should: There are few buyers today. Most groups are net bearish, waiting for “a reckoning” Multifamily properties that traded for ~$400K/unit in 2022 are now trading for ~$300K/unit. The cost to build those assets have gone from ~$250K/unit to...
Miami Multifamily Memo Current trends and opportunities 2023 is behind us. How did pricing and transaction volume compare to years prior? Where will it go from here? Let's dig in. **if you’d like this data broken out by Miami Dade, Broward, & Palm Beach County, please reach out via email for the excel** Most headlines will point out that transaction volume is down roughly 60%, year-over-year. However, as predicted in my 2023 mid-year update, South Florida is back to a pre-pandemic average...