Colliers represented the seller in the sale of the multifamily property
HOMESTEAD, FL, June 30, 2022 – Colliers closed on the sale of a 32 garden-style unit portfolio for $4,166,667 in Homestead, FL. The multifamily assemblage includes six buildings with a total of 12,409 SF. The property is located at 240, 250, 260, 280, 312, and 329 SW 11th Avenue in the Southwest Homestead submarket.
Colliers Senior Director Virgilio Fernandez represented the seller, Alex Mantecon, in the transaction. Alex Mantecon, a partner at MV Real Estate Holdings LLC., is an owner, investor, and developer of commercial and residential properties throughout Florida. The buyer, Alejandro Gershanik, General Manager of Vicodani, LLC., plans to renovate the units and raise rents significantly to increase his returns on the property.
“Despite financing challenges due to rising interest rates and low rents, we closed the deal achieving one of the highest trades per door for Class C product,” said Fernandez. “Our seller received close to record pricing for their off-market asset, and the buyer will benefit from the property’s potent unit mix coupled with very low rents which will provide notable rental value in the future.”
Let us know if you’re interested in speaking with Fernandez about this deal or other trends in the commercial real estate market.