Value-Add South Florida Multi-Family Portfolio Hits the Market
Colliers International leads unique 444-unit listing which has never changed hands
Miami, FL | February 20, 2018 – As investor demand for South Florida multi-family continues to surge, a never-before listed 444-unit, garden-style, multi-family portfolio has hit the market, comprised of two established income-producing properties in Miami and Davie. Colliers International South Florida Senior Vice President Larry Stockton is listing the portfolio, with sites located at 11325 NW 7th Street in Miami and 6857 College Court in Davie.
"True value-add, garden-style multi-family is incredibly difficult to find right now in South Florida – and even more scarce because it’s what everyone in the market seems to want," said Colliers’ Larry Stockton. "These assets are located in high barrier-to-entry neighborhoods and have never been on the market before, giving prospective buyers the opportunity to acquire meticulously-maintained single-owner properties with significant upside potential."
The first of two properties, Sundance Village, is comprised of 304 units and built in 1988. Located at 11325 NW 7th Street in Miami, the property is minutes from Doral with excellent access to Dolphin Expressway, Palmetto Expressway, Ronald Reagan Turnpike and other major thoroughfares including Flagler Street, NW 87th Avenue, 97th Avenue and 107th Avenue.
The second property, The Gardens at Nova, is comprised of 140 units and built in 1997. Located at 6857 College Court in Davie, the property sits one block north of Nova Southeastern University and the South Florida Education Center’s 620 acre education campus. The Gardens at Nova sits within walking distance to a Whole Foods, Trader Joe’s and a Costco and Home Depot-anchored shopping center.
"The portfolio has a very stable operating history through decades with the same family-operated owner but provides substantial rent upside and short-term value creation," added Stockton.
Rapid population growth, shifting demographics, and higher single-family home prices have contributed to the robust rental demand fueling investor interest in the region. Florida is the nation’s fifth fastest-growing state with the second-largest population gain in 2017 and the population in South Florida is expected to grow by 9.9% over the next five years to 6.7 million residents. Additionally, according to the U.S. Census estimates, renters made up 39.9 percent of all South Florida households in 2016, up from 36.9 percent in 2013, and pushing home ownership to record lows.
About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 12 consecutive years, more than any other real estate services firm.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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