Developers are targeting multifamily properties in Little Havana, especially ones recently built.
An investor recently flipped a Little Havana apartment building for $6.2 million after buying it a few months ago.
In September, Bar Invest Group sold an apartment building it built in Little Havana for $7.1 million to Beraja Investments.
Earlier this year, Key International sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street, for $10.1 million, or about $128,000 per unit. In April, a group of investors acquired a 103-unit apartment portfolio in the neighborhood, with plans to upgrade the properties and flip them.
Unlike Brickell, most of Little Havana is zoned for medium-density development – either T4 or T5. That means that development is capped at five stories and 65 residential units per acre.
Investors also are proposing new apartments in the neighborhood. Ricky Trinidad’s Metronomic is planning several developments in Little Havana, including a series of two-story residential projects called La Elaina, and a five-story office building called SieteOcho at 640 Southwest Eighth Avenue.
Source: The Real Deal