Cushman & Wakefield, as exclusive advisor, is pleased to present a multifamily investment opportunity to acquire Vista Verde (the "Property") - a 302-unit, value-add residential asset located in rarely traded Miami, Florida. The two and three-story surface parked property was built in 1993 and sits adjacent to a Publix-anchored shopping center and across SW 107th Avenue from Florida International University (FIU) the fourth largest university in the United States with a growing enrollment currently at 55,000 students.
The property is currently implementing an in-unit renovation program of which they have fully renovated 16 units. The last 60 renovated units ("full" and "partial") have achieved average monthly rent premiums of $188 per unit per month. Cushman & Wakefield estimates that by completing the in-unit renovation program, a future investor could generate additional annual cash flow of over $475,000. This would allow for an increased return potential. Notable renovations include adding stainless steel appliances, granite counters, removing popcorn from the ceilings, new flooring, new cabinetry, and sinks. A new investor can further enhance cash flows by continuing this program.
Cushman & Wakefield is pleased to present for sale, The Central, a 49-unit “Micro” Multifamily new construction located in a vibrant South Minneapolis neighborhood.
Completed in 2018 and 90% pre-leased upon opening June 1st, The Central was built with state-of-the-art construction while utilizing the highest efficiency standards in the market. The property offers stylish modern layouts with quartz countertops, high-end cabinets, premium wood flooring, stainless-steel appliances and Wi-Fi connected remote access thermostats in all units. The best-in-class amenities at the property are unrivaled to the competition and offer residents a community room with garage door opening to rooftop deck, fitness center, patio with outdoor grill, covered heated parking, heated indoor bike racks/storage, secure package delivery and free Wi-Fi throughout the building.
Centrally located in the heart of South Minneapolis, just off of Interstate 35W at the corner of 2nd Avenue South and East 35th Street, The Central’s prime position gives residents easy access to everything. The property is located minutes from Downtown Minneapolis, Uptown, Lyn-Lake, Eat Street, Lake Harriet, Lake Calhoun, Powderhorn Park, Midtown and Lake Nokomis. The Central is also steps from the thriving “Kingfield” neighborhood with locally acclaimed restaurants including Grand Café, Victor’s 1959 Café, Blackbird Café, Nighthawks Diner & Bar, Hola Arepa, Five Watt Coffee, Kyatchi, Pat’s Tap, Rincon 38 and Butter Bakery Café.
The Central is a unique opportunity to acquire a new construction, best-in-class “Micro” Multifamily asset in a desirable community with limited to no competition of similar properties in this price point.