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Colliers International Florida Arranges $3.475M Multifamily Sale

Transaction highlights how capital continues to flow into tertiary markets despite market uncertainty

MIAMI, FL (April, 2020) – Amidst market turmoil from the COVID-19 crisis, buyers and sellers are facing new challenges in completing transactions. However, despite complexity in the transaction and lending environment, Colliers International Florida’s Virgilio Fernandez, Mitash Kripalani, Julian Zuniga and Gerard Yetming closed on a $3.475 million sale of a 36-unit multifamily apartment community in Model City for a seller and a local buyer.

 

Colliers International represented the seller in this transaction. The owner held the property for a few years and determined marketing conditions remained favorable for a sale. The Colliers team tuned the marketing toward the optimal buyer pool, ultimately identifying the  superior buyer. The portfolio, located at 820-844 N.W. 70th St., includes four contiguous garden-style apartment buildings with a mix of one-bedroom and two-bathroom units.

 

“We’re pleased to have been able to identify this ideal match for our seller, who realized significant value appreciation in the last few years,” said Fernandez, who served as lead broker in the transaction. “Buyers are beginning to focus on tertiary markets, like Model City, since the primary and secondary markets remains with a high barrier to entry with sub-6 percent returns. In tertiary markets, buyers can enter at lower prices and often generate superior returns. In these submarkets, more room for appreciation exists as rents have been increasing year over year.

 

The transaction faced additional challenges with the COVID-19 crisis happening. The crisis backdrop forced changes to the lending environment and underwriting process, yet the Colliers team was able to work through the timely issues with buyer and seller. 

 

For more information, Virgilio Fernandez can be reached at 305 613 4507.


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Virgilio Fernandez

Senior Director

Miami

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

I exclusively represent private buyers and sellers of investment properties throughout South Florida. I assist clients in making investment decisions by providing them with rigorous analyses of their assets. I currently advise private investors in the acquisition and disposition of real estate assets with the goal of accelerating their success by maximizing their investment. My team and I have a proven track record with over $1 billlion in transactions. Using skill, care and diligence, as well as an entrepreneurial solutions-oriented approach, I seek to continue helping clients achieve their investment goals in the most effective and efficient manner.

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