Miami MultiFamily Portfolio Listed for $15.5M
Royal Properties, a five-property, 233-unit portfolio of multifamily assets in North Miami, has been listed for sale at $15.5 million. The average price per unit is $66,524.
Still Hunter, III, a senior vice president investments in the Fort Lauderdale office, is spearheading the marketing efforts for the seller, a local private investor. Senior vice president investments Evan P. Kristol and vice president investments Felipe Echarte, both in the same office, are also providing representation.
The properties are available separately or as a portfolio. All were over the last two years with an average renovation cost of over $20,000 per unit, according to Hunter.
“With all new air conditioning, hot water heaters, countertops and cabinetry in most apartments, and all-new appliances in every unit, investors are looking at a well-rounded, low-maintenance, long-term investment package,” Hunter said.
The five properties total 159,982 rentable square feet, which equates to $97 per square foot and are:
• 13020 NE Sixth Ave. (13,962 rentable square feet),
• 13055 NE Sixth Ave. (36,261 rentable square feet),
• 14050 NE Sixth Ave. (38,545 rentable square feet),
• 400 NE 137th St. (42,750 rentable square feet) and
• 1525 NE 125th St. (28,464 rentable square feet).
All are on landscaped grounds with new laundry equipment, exterior paint and lighting; and on-site parking.