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Colliers facilitates the sale of a 42-unit multifamily portfolio for $10.5M

Colliers South Florida represented the buyer and seller in the sale of the 1.33-acre multifamily seven-building portfolio.

MIAMI, FL, November 21, 2022  As South Florida surges with demand for multifamily opportunities, Colliers facilitated the sale of a 42-unit multifamily portfolio for $10.5 million on November 16. The portfolio consists of seven Class C buildings on a 1.33-acre site located at 10710, 10742, and 10752 SW 5th Street in Miami, FL.  Colliers Managing Director Mitash Kripalani represented the seller, San Miguel Investments LTD., in the transaction. Colliers Senior Director Virgilio Fernandez represented the undisclosed buyer in the off-market deal.

“Located across the street from Florida International University (FIU), the property is one of the last development sites measuring over an acre in the University Center zoned Sweetwater submarket. Due to scarcity of land and the increasing demand, prices have increased to heights difficult to justify. There is however a lot of supply set to be delivered and even concerns of oversupply in these markets,” said Fernandez. “ The City of Sweetwater recently increased parking requirements for student housing projects which will increase construction costs and make deals harder to pencil.”

The portfolio consists of three adjacent folios built between 1970-1972, which span the entire block with a combined lot size of 57,950 square feet. The properties offer premium positioning across the street from FIU’s main campus, a highly desirable location with strong rental fundamentals and limited development sites remaining nearby. The assemblage features convenient access to the 836 Expressway and Florida’s Turnpike, surrounded by various restaurants, shops, and malls. The income-producing portfolio consists of one-bedroom and two-bedroom units, which provide a risk-reduced opportunity while planning for redevelopment into an apartment or student housing tower.

“With our experience in the FIU submarket, our team accomplished record pricing for our sellers at $250,000 per unit or about $180 per foot for the land,” said Kripalani. “We’ve successfully introduced new-to-market buyers to the area as the desire for additional housing projects in the Miami market soars. The site works well for a future student housing development or a market rate multifamily rental property”. 

Florida International University’s Modesto Maidique Campus has an enrollment of approximately 35,000 students driving demand for student housing in the area. To meet demand, there are currently two student housing facilities under construction within a three-mile radius of FIU, adding 1,495 beds to the existing inventory of 9,415 beds. The market asking rent per bed has increased 8.7% year-over-year and 15.3% over the last three years as students desire proximity to campus and living with one another. In addition, occupancy rebounded strongly from a pandemic low of 90.1% in the third quarter of 2020 to 98.2% in the third quarter of 2022. 

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Mitash Kripalani

Vice President


As a Director of Investment Services in the Miami office of Colliers International South Florida, I specialize in capital markets with a focus on multifamily, land deals and investment sales.  Servicing core South Florida markets.

I have more than a decade of commercial real estate experience. Prior to joining Colliers, I was with the Douglas Elliman Commercial Division in South Florida. I have also spearheaded numerous multi-million dollar Multifamily and condominium conversion projects and completed investment sales across the State of Florida. Our team specializes in multifamily properties, covered land, off-market sales, and assemblages across core South Florida neighborhoods.

I have earned the prestigious Certified Commercial Investment Member (CCIM) designation and currently serve as the Chapter President of the  Miami Dade/Monroe District Board of Directors for the CCIM. The Certified Commercial Investment Member (CCIM) Institute was established in 1954 to give commercial real estate practitioners a previously unrealized opportunity to further their business practices through focused education and networking opportunities. Only six percent of all commercial real estate practitioners - approximately 13,000 professionals - hold the respected CCIM designation across North America, and in more than 30 nations overseas.

I am passionate about giving back to the community by volunteering and being involved in professional organizations and a recent graduate of the Leadership Miami Program through the Greater Miami Chamber of Commerce. 


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Virgilio Fernandez

Vice President


As Senior Director on the Colliers South Florida Capital Markets team, Virgilio Fernandez specializes in investment sales, namely land, retail and multifamily.

He exclusively represents private buyers and sellers of investment properties throughout South Florida. He assists clients in making investment decisions by providing them with rigorous analyses of their assets. He currently advises private investors in the acquisition and disposition of real estate assets with the goal of accelerating their success by maximizing their investment. His team has a proven track record with over $1 billion in transactions. Using skill, care and diligence, as well as an entrepreneurial solutions-oriented approach, he seeks to continue helping clients achieve their investment goals in the most effective and efficient manner.

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