This portfolio package consists of 18 residential units. The units are centrally located in the Miami-Dade and Broward County areas. The portfolio is being sold collectively with a Transferable Mortgage debt: $3,175,125.00. This portfolio consist of 11 duplexes, 2 Fourplex, 2 triplex and 3 single family homes totally 45 units. The rental portfolio has 54% section 8 tenant occupancy at market value .The Portfolio presents investors the opportunity to invest into 19 properties with separate folios above average cash flow beginning on day one of purchasing. Most of all the properties have received numerous major capital improvements and are being delivered turn-key. Portfolio is currently running at a 91% Occupancy with the ability to increase the rental income on the some of the properties to market rents.
South Florida Miami-dade and Broward County
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Miami, FL 33177 - Goulds MF Submarket
46,877 SF Class C Apartments Building Built in 1965 Property is for sale at $4,515,000 ($96.32/SF)
This never before, offered for sale, portfolio of 35 buildings, including 34 duplexes and 1 single family home, totalling 69-residential income producing units. These assets are an investors dream with 100% consistent occupancy. Value-add play with CBS constructed units awaiting investor's upgrades to bring rents to comparable upgraded market levels.
South Miami, FL 33143 - South Miami MF Submarket
330,542 SF Class A Apartments Condominium Built in 2004 Condominium for sale at $2,075,000 ($271.03/SF)
CBRE, as exclusive marketing advisor, is pleased to offer 6 luxury condominiums units at Valencia in the highly desirable South Miami market. The units are fully rented totaling $17,260 per month. This provides a new investor the opportunity
USA Pro Realty is proud to exclusively market a stabilized renovated multifamily investment opportunity for qualified investors. Assets are located in Hollywood, FL and comprise of 38 units total, with 49 parking spaces. Two buildings - The Alexandra Apartments (2843 Fillmore St.) The Garden Apartments (2910 Pierce St.) comprised of 19 units in each building (total 38 units) with an attractive unit mix. Unit mix is as follows: 20 one bedroom/one bath averaging 645 SF; 8 two bedroom/one bath averaging 835 SF; 8 two bedroom/two bath averaging 845 SF; and 2 studios averaging 325 SF. Over $400,000 in capital improvements with no deferred maintenance.
A four-story office building fronting on West Blue Mound Road in Brookfield sold last week for $10.6 million in a deal between two out-of-state investors.
The Executive Center VI building has 102,017 square feet at Executive Drive and Blue Mound Road, near Brookfield Square mall. An affiliate of Arthur Goldner & Associates Inc. bought the building for $10.6 million, according to a Monday announcement from Milwaukee real estate firm Colliers International/Wisconsin. Arthur Goldner, of Northbrook, Ill., previously owned the nearby Executive Center III office building.
"Due to all of the recent retail development activity, Brookfield has had a surge in demand for buyers seeking long-term investment properties,” said Tom Shepherd, partner in Colliers International/Wisconsin. "Commercial property values have historically held up well in this community, especially along Blue Mound Road.”
The Brookfield building is more than 95 percent occupied, according to a listing created in September and posted on the real estate website Loopnet. Willis Towers Watson is an anchor tenant, along with U.S. Bank and Neopost. Willis leased 26,000 square feet in the building in 2012 and moved about 110 employees there from Wauwatosa.
Shepherd and Dan Wroblewski of Colliers represented the seller, an affiliate of RAIT Financial Trust. The Philadelphia company acquired the Brookfield building in 2009. RAIT Financial also recently hired Colliers to list for sale its blue office building at 310 W. Wisconsin Ave. in downtown Milwaukee, which formerly was called the Henry S. Reuss Federal Plaza.
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The EB-5 Immigrant Investor category allows a person, and his or her family members to obtain permanent residence in the United States through the investment of a certain amount of money in a New commercial Enterprise (“NCE”), and by creating or saving 10 jobs for either U.S. Citizens, Lawful Permanent Residents or those authorized to work in the U.S.
Read more on this File EB 5 LITERATURE
A short-lived partnership between Miami real estate broker and investor Emile Farah and Aventura businessman Amram Adar ended on a sour note when Farah sued Adar over a $17 million land sale in North Miami Beach.
Farah, who runs USA Lending and Realty, claims in the Miami-Dade Circuit Court lawsuit that the 18-acre land deal was part of a joint venture he and Adar formed in 2013 to acquire and flip properties. In the Sept. 24 complaint, Farah and his attorney Robert Stok state that Adar promised the broker a 10-percent equity stake and a 3-percent commission fee in these deals. Stok said Farah is owed at least $500,000 for the broker fee and “seven figures” for his equity stake.
Adar and his brother-in-law Jacob Elharar, who is also named in the suit, control the Delaware-registered company Moore 77 LLC that bought the land at 15780 West Dixie Highway. They purchased the acreage from Tampa-based Antigua at NMB Development, according to the suit.
Adar said he is unaware that Farah is suing him and Elharar. He denied the North Miami Beach land was included in his partnership with Farah.
“I never gave him a promise of 10 percent on that property,” Adar said, adding that Elharar owns 100 percent of Moore 77. “I believe Emile is due a referral fee and the buyer, my brother-in-law, offered him $25,000.”
According to Farah and Stok, the partnership between the broker and Adar focused on properties in Brickell and surrounding neighborhoods. Eventually, they branched out as far north as Fort Lauderdale and as far west as Naples. The lawsuit claims the ex-partners had numerous contracts to buy properties together.
Adar, who moonlights as a wedding singer and released an album in 2011, disputes that claim.
“Nothing happened with those deals,” Adar said. “We always tried to do something, but it didn’t work out.”
Farah said Adar took advantage of him by working out of his Brickell office and using his real estate connections. In the case of this deal, Farah claimed that in March, Boynton Beach-based real estate broker Rick Marchetta came by the office, inquiring if Farah had any listings in the neighborhood. Farah said he instantly recognized Marchetta as the broker who represented Antigua, the previous buyer of the 18-acre lot. In 2004, Farah represented a former owner who flipped the land to Marchetta’s client, who paid $6.1 million for the designated brownfield site. The land was previously used by a gas distributor and would require state-mandated environmental remediation before redevelopment can occur.
Marchetta “told me he had it listed and that his client was looking to sell it,” Farah said. “I introduced him to Adar.”
When reached, Marchetta declined comment, citing the pending lawsuit.
Farah said he allowed Adar to handle negotiations, never suspecting he was going to get cut out of the deal.
“He was still working out of my office when they closed,” Farah said. “He kept promising to bring me the check. Then he disappeared.”
A summons was issued to all defendants in the case on Sept. 29, according to court records.
As Miami-Dade County’s condo market shows signs of slowing due in part to a stronger dollar, an out-of-state developer envisions a pair of new condo towers with more than 550 units combined as a key component for a proposed $160 million mixed-use project in Coral Gables.
The latest condo project proposed for the Coral Gables area — a wealthy suburb of local residents and foreign investors — is the Gables Station complex slated to be developed on a 4.3-acre site located on the north side of the 200 block of South Dixie Highway near the upscale Shops At Merrick Park retail center, according to city of Coral Gables records.
“The applicant is proposing a mixed-use residential/hotel/retail project, which will be composed of three towers with a maximum height of 155 feet with about 168 hotel units totaling 111,583 square feet, 554 luxury condominium residences and 87,900 square feet of retail space,” according to the cover letter included with the developer’s application to the city of Coral Gables.
To build the project as proposed, the prospective developer — a “contract purchaser” based in Minnesota called NP International USA LLC with Charles D. Nolan and Brent Reynolds — is seeking a number of revisions to current land-use and zoning regulations, according to government records.
Currently, the owner of record of the proposed development site is a Coconut Grove-based corporation called Gables Station LLC with Jeffrey L. Berkowitz that had previously announced plans to build a retail-and-parking facility with 330,000 square feet after acquiring the land in 2005, according to government records.
With this newest project, the Coral Gables area now has 17 new condo buildings with nearly 1,400 units announced in South Florida since this current cycle began in 2011, according to the preconstruction condo projects website CraneSpotters.com as of Monday. (For disclosure, my firm operates the website.)
The total number of new Coral Gables units for this cycle would have been even higher if not for earlier decisions by unrelated developers to revise the original plans of the proposed Collection Residences project with 126 units and the Antilla Coral Gables project with 32 units.
To date, developers have revised plans to build nearly 20 new condo buildings with nearly 2,900 units since 2011. Most of the units in question were to be developed in Miami-Dade, according to the data.
Overall, South Florida developers have already completed 57 new condo buildings with more than 4,300 units in the coastal tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 129 new condo buildings with more than 12,900 units are currently under construction in South Florida.
A combined 233 new condo buildings with nearly 33,000 units — about 66 percent of the total tri-county pipeline — are currently in the planning or presale phase of development in South Florida.
In the Coral Gables market, no new condo buildings have been completed to date during this cycle.
A trio of new condo buildings with a combined 265 units are currently under construction in the Coral Gables market as of Monday.
An additional 14 new condo buildings — including the newly announced Gables Station project — with more than 1,120 units are currently in the planning and presale phase of development in Coral Gables, according to the data.
The combination of announced units that are in the planning or presale phase of development represent more than 80 percent of the total number of condos in the pipeline for the Coral Gables market during this cycle.
The Coral Gables market ranks as South Florida’s ninth most active preconstruction condo market based on announced units.
On the resale front, buyers acquired 275 condo units last year for an average of nearly 23 transactions monthly, according to data from the Southeast Florida MLXchange.
Based on the 2015 resale statistics, the Coral Gables condo resale market currently has about 6.7 months of supply of units available for purchase.
A balanced market is considered to have about six months of resale supply available for purchase. More months of condo resale supply suggests a buyer’s market, and less months indicates a seller’s market.
While the supply of condo units is encouraging, the average resale transaction price per square foot in Coral Gables was unchanged at $320 in 2015, just as it was in the previous year of 2014, according to the data.
Currently, the average asking price for a condo resale unit available for purchase is $431 per square foot, according to the data.
Robert Finvarb, whose development company has two hotels about to open on Miami Beach, discusses the superheated hotel scene in Miami.
With two hotel construction projects coming in for a landing, developer Robert Finvarb was sounding confident during an interview earlier this month.
Construction of both properties — the Hyatt South Beach and AC Hotel Miami Beach, both set to open in April — was running on schedule, no easy task in a market flooded with renovation and new building projects in recent years.
“I pride myself on that,” said Finvarb, a Miami Beach native. “This is all we do.”
After graduating from law school and working for nine years as an attorney, including for South Florida developers, Finvarb founded real estate investment and development company Robert Finvarb Companies, where he is president and CEO.
In an interview at the company’s Courtyard by Marriott South Beach at 1530 Washington Ave., Finvarb talked about the popularity of the area for investors, the advantages of being a local surrounded by outside developers and the challenges of landing a project (not to mention two) on time.
Q. What led you to start your business here in 2002?
A. Just the familiarity of the area, and actually my dad and I collaborated on this project with my brother. It was an emerging area of South Beach. This Washington Avenue corridor was dark, dingy, dirty. And as we’ve seen in many other markets that we’ve developed, it became an economic engine for this little part of South Beach because it legitimizes it.
And one thing that developers have is a herd mentality of following those that pioneer certain areas. Look at Wynwood, look at Design District. And I’m not going to put this on par with what the Goldmans did in Wynwood or what Craig Robins did in Design District, but this was our little opportunity to gentrify this area. We’ve done the same thing in D.C., we’ve done the same thing in other markets where they’ve been urban emerging markets and we’ve put Marriott hotels in areas that people did not associate as a destination for business or leisure travel.
Q. And how have you seen, down here especially, development opportunities change since you started?
A. Dramatically. Actually, most of the projects that I started with on my own were outside of South Florida. So our company did the [Courtyard by Marriott] project over by Fort Lauderdale airport. Then we went to Northern Virginia, D.C., Arizona, New York. Then I came back. ...
It’s crazy, I’ve been through three cycles and we’ve been in business for 12 years. So we came in and I was able to grow my business quite aggressively because the capital markets were extremely active and didn’t really limit my ability as a new developer or as a neophyte in the market from procuring financing. And then my legal background saved me in a sense that I was conservatively leveraged on all these deals so we were able to go through the downturn without ever missing a beat. And we actually were able to capitalize on a couple of opportunities during the downturn. We picked up the [Courtyard by Marriott] hotel in Coconut Grove and we picked up a second one outside of Chicago in a suburban market. Basically that was an alternative strategy during the downturn because construction financing for new projects was nonexistent.
Over the last three and half years, we got back into the market from a construction and development perspective and either developed or are in the process of developing two hotels in New York and three down here, including [Residence Inn by Marriott in] Sunny Isles. [A fourth, the Springhill Suites by Marriott — Miami Airport East, opened about five year ago.]
Q. Have you found that the opportunities available to you are reduced because there’s a lot of competition?
A. Huge. Right now, I mean, in my mind, I’m not really pursuing any new opportunities down here. I think the market is at a level that’s unsustainable from a cost perspective for a new project. Between construction, the cost and acquisition of land — you’re basically competing with condo developers, and they can pay more than a hotel developer can.
I don’t feel that, for the product type that we are accustomed to developing, that it’s a sustainable model. We’re long-term holders, we don’t sell. So we have to be in at a price point that allows us to survive for a long period of time.
And inevitably in the hotel space, there’s ups and downs. The market basically moves in tandem with GDP. So right now ’15 is expected to be strong, ’16’s strong. Let’s see then what happens with a presidential election, oil prices, international travel. There’s so many variables that play into it.
Q. What are the hottest areas for developers now?
A. In South Florida, South Beach remains a crown jewel. There are barriers to entry, obviously, both naturally and imposed by local zoning regulations in terms of the preservation of the Art Deco District and historic buildings. Those aren’t going to change. What scares me is downtown, Brickell I think is getting overbuilt to levels that are not sustainable because you’re not able to drive rate in our business as aggressively on the west side of the [MacArthur] Causeway as you are here on the beach.
Q. Do you think there are pockets that are still kind of hidden gems, undiscovered?
A. I’m very curious to see what happens in Wynwood and Design District. From the retail perspective, restaurants, it’s not a hidden pocket. It’s unproven from the hotel side. Will Wynwood one day become SoHo? Or will it just remain sort of a weekend destination, but not necessarily the kind of place you want to sleep, spend the night? So those are questions that we continue to ask ourselves. And the thing with hotels is: Being a pioneer is extremely risky. You could hemorrhage money with a hotel. If you build it and they don’t come, you’re screwed.
We have a hotel by the medical district, it’s a Marriott Springhill Suites. It does relatively well, but from a rate perspective, it’s dramatically lower to the point where by today’s dollar, it’s an unsustainable business model. So that’s why I’m hesitant to develop something on the west side. Because there’s no differentiating point between what you’re paying for construction on Miami Beach and the west side of the causeway. But your rates are dramatically different.
Q. What’s in your sights moving forward?
A. We’ve got a full plate. We’re not publicly traded, we’re not institutionally backed. It’s all private equity. [We’re] patient, so we’ve got plenty on our plate and if we develop and just continue to hold and operate and manage and extract value out of these assets, we’re fine waiting for the next opportunity. But we’re not going to chase an opportunity just to be active.
Q. What advantages do you think being a longtime local developer give you here?
A. I’ve seen it. When I go into markets like D.C. or Arizona, there’s just knowledge that you’re trying to gain from experts and locals that is still going to be second- or third-hand. Whereas here, I’ve lived it. I know where my wife and I want to go for dinner on a Saturday night that’s edgy versus more established and exciting, where we want friends of ours that are visiting to be staying. I don’t need a feasibility study to tell me how an opportunity is going to perform down here.
Q. So you’ve got these two hotels getting ready to open right around the same time. Why did you want to do those two things so close to each other, and how much sleep are you getting?
A. Not a lot of sleep, but I feel that the window of opportunity to develop the product type that I’m accustomed to developing, that three-and-a-half to four-star product, was closing. So we decided to dive in with both feet and assembled two fantastic teams and actually bolstered our team in house.
Q. I don’t think there’s a Hyatt in Miami Beach, right? And AC by Marriott?
A. First Hyatt in Miami Beach and the first ground-up AC by Marriott in the United States. So they’re pioneering.
Q. And how did you land those deals?
A. This is all I do, so I knew that Hyatt’s one of the leading brands in the world. Not having a presence in one of the most dynamic destinations screamed opportunity to me. It’s actually my first non-Marriott branded hotel, so when we presented them with the opportunity, they were extremely excited combined with our track record for executing developments. And I think it’ll play extremely well with the market, with the surrounding area. The Loews, it really complements the hotel product within that 16th and 17th and Collins corridor, which really is the most established hotel corridor in Miami Beach.
A. As far as the AC’s concerned, I’ve had a relationship with Marriott for 12 years. My family, we’re Hispanic, so it’s a brand that originated in Spain. And Marriott sort of involved me with its acquisition of the brand at a very, very early stage because I am bilingual, I’m a great ambassador from the developer side for the product. And the product obviously doesn’t play batter in any market than Miami because of the Latin and European influence.
Q. You’re right on deadline with both of them — how hard is that to do here?
A. Very. Especially now with so many construction projects on the condo side going on. The condo developers are extremely anxious to get completed and delivered. Nobody wants to get caught without a chair when the music stops. ... They’re heavily incentivizing subcontractors and their contractors to finish on time. So there’s a tremendous strain on resources. For me, I exhaled once the windows were on our buildings, frankly speaking.
Q. You mentioned knowing where you want your friends to stay and where you and your wife want to have dinner, so I’m curious: What’s the go-to dinner place these days?
A. The Edition: Matador Room and the Market. The Edition, in my opinion, from a five-star perspective, hit it out of the park. I don’t think anybody touches them now in the market.
One of the world’s largest hospitality companies, Starwood Hotels & Resorts Worldwide, might soon be the object of the largest-ever takeover of a U.S. company by a Chinese firm.The Chinese government is in discussion with three companies – Shanghai Jin Jiang International Hotels; HNA, parent of Hainan Airlines; and China Investment Corp., a sovereign wealth fund – one of which will bid on the massive hotel chain.
The government plans to choose just one company to avoid a possible bidding war for Starwood, which owns over 1,200 properties worldwide and manages brands such Westin, W Hotels and St. Regis, unnamed sources told the Wall Street Journal.
It’s not yet clear what the bidders are willing to pay, but the amount is likely to exceed Starwood’s start-of-Tuesday valuation of $12 billion, the Journal reported.
The hotel firm’s stock price jumped 9.1 percent Tuesday to 74.81 on the news, its highest level since 2009. Starwood in April said it was exploring various options that included a sale or merger, largely as a reaction to having lagged behind competitors like Hilton and Marriott. Its longtime CEO, Frits van Paasschen, resigned in February and Starwood has been selling off hotel properties this year.
A potential deal would be the latest in a string of major hotel pickups by Chinese firms. Last year, the insurance giant Anbang bought the Waldorf-Astoria at 301 Park Avenue in New York’s Midtown for nearly $2 billion. And in February, Sunshine Insurance Group, bought the Baccarat Hotel at 20 West 53rd Street, then a Starwood property, paying $230 million.
“Chinese investors have been pretty aggressive in the hotel market over the last year or so,” said Lukas Hartwich, an analyst at Green Street Advisors LLC, told Bloomberg. “Starwood has some pretty powerful brands. It’s an attractive platform, especially if you don’t already own a platform with that kind of cachet.”
All three firms involved in a possible bid for Starwood are state-controlled or partly owned by the Chinese government.