- Submarket Growth: Miami’s job growth has been 43% faster than the national average over the last 10 years and is forecast to grow 40% faster over the next 5 years
- Rental Upside: Approximately 31% rental upside
- Purchase Price: $87,250,000
- Projected Hold: 4 years
- Minimum Investment: $50,000 | Accredited Investors Only
- Projected Project Level Returns: 19.6% IRR | 2.02x Equity Multiple
- Projected Investor Level Returns: 15.59% IRR | 1.77x Equity Multiple
Art 88 Apartments (The Property) is a lakefront complex that consists of 294 one- and two-bedroom apartment units averaging 787-sq. ft. with patios. The community is comprised of eight, 2-5-story concrete block elevator buildings, as well as two pool decks with a BBQ grill, a fitness center, and a dog park. The Property is currently leased to 98.3%.
The Property is in the Miami Springs/Doral submarket, less than 20 minutes drive from downtown Miami and within 20 minutes of at least five major shopping destinations including Mall of The Americas, Flagler Park Plaza, Fountain Square, Holiday Plaza, and Laguna Plaza. Nearby Doral is a major employment hub for residents and has been recognized as one of the top 15 growing cities in America with over 19.6 million sq. ft. of office space. The immediate area is comprised of mostly condos averaging $300,000-$400,000 in value.
No. of Units 294
Acquisition Price $87,250,000
Hold Period 4 years