Melo Real Estate President and CEO and CCIM Miami District President Frank Rodriguez Melo, CCIM, has negotiated the sale of six multifamily properties, totaling $5,255,000, or $56,000 per door.
The deals, 4 which closed on December 23, 2014, 1 that closed January 7, 2015, and 1 that closed January 23, 2015, comprised 94 units.
Rodriguez Melo represented both the Seller, TLGJ PROP INC and the Buyer, Grupo Habita, LLC in sale of four multifamily assets located at 911-929 SW 5th Street, 107 NW 8th Avenue, and 776 NW 2nd Street, which include a total of 57 units.
The asset located at 429 SW 8th Ct., which includes eighteen units, were purchased from Seller Comm Tech. An additional 19 units, located at 235/245 SW 6th St., were purchased from Seller Pino Commercial.
All of the multifamily properties are located within the Little Havana neighborhood.
Rodriguez Melo, also a partner of Grupo Habita, LLC, the Buyer of all of the assets, noted that several of the transactions took a great deal of patience over 6 months to close, due to an environmental issue.
“Strong rental demand continues to drive the market and Buyers are more and more willing to persevere knowing the value that these assets are and the growth they will continue to deliver,” commented Rodriguez. “These assets offered strong cashflow and fundamentals.”
Little Havana has long been associated with popular social, cultural, and political activities, including the Calle Ocho Festival, Viernes Culturales/Cultural Fridays, the Three Kings Parade and others, televised to millions of people every year on different continents.
The neighborhood and its “main street” Calle Ocho (SW 8th Street/Tamiami Trail) is characterized by a robust street life, excellent restaurants, music and other cultural activities, mom and pop enterprises, political passion, and great warmth amongst its residents.
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