Property details
Miami Multifamily | LP JV Equity Investment Opportunity, Southeast Region
Property Description
Miami Multifamily | LP JV Equity Investment Opportunity
Sponsor seeking an equity investor for a large Miami, GL core multifamily property.
This multifamily was put under contact by the Sponsor this week (~11/7/22).
Do you have interest in a LP JV equity investment opportunity for the acquisition of this off-market core+ multifamily property located in Miami, Florida?
The Property is within a mile of Miami International Airport (MIA) and the Blue Lagoon office submarket.
The sponsor is seeking $29,602,600 in LP JV equity to acquire this prime asset.
The property was built in 2021.
The sale represents an off-market transaction where the seller (a merchant builder not specialized in the management of multifamily assets) was approached the sponsor.
The current owner is willing to stay in the deal.
This provides an opportunity for the sponsor to leverage up the capital stack with a favorably priced preferred equity structure otherwise unattainable in the current capital markets.
The sponsor is purchasing the property for $86 million ($373,913 / unit) which is in-line with submarket comps.
Average price / unit continues to climb with properties in the submarket trading at a premium compared to the greater Miami market.
The Seller would like to stay in the deal in the form of a seller carry.
They will contribute $16 Million in proceeds priced at a 5.0% current and 8.5% total rate.
This is incredibly attractive leverage compared to what is readily available in these current high-rate capital markets.
Origination 1/1/2023
Payoff* 12/31/2024
IN-PLACE CAP RATE: 4.98%
STABILIZED YOC* (YR 3): 6.21%
UNTRENDED YOC*: 5.61%
EXIT CAP RATE: 4.50%
PROJECT LEVEL IRR: 21.94%
PROJECT LEVEL EQUITY MULTIPLE: 1.78x
INVESTOR LEVEL IRR: 18.32%
INVESTOR LEVEL EQUITY MULTIPLE: 1.63x
Please contact us if interested in becoming the LP JV equity investor for this multifamily.
Images
Highlights
- Status:
- Available
- Price:
- $29,602,600
- Cap Rate:
- 18.32%
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 1
- Year Built:
- 2021
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.