Colliers International Florida Facilitates Strategic Acquisition by New York-based multifamily real estate investment firm
MIAMI (Feb. 5, 2020) – Colliers International Florida’s Associate Virgilio Fernandez, Executive Managing Director Gerard Yetming, Director of Investment Services Mitash Kripalani and Financial Analyst Julian Zuniga have negotiated a $5.2M sale of a strategic development site, one of the last developable sites on SW Seventh Street in the Sweetwater submarket of Miami, by Adam America Real Estate, a New York-based multi-family real estate investment firm.
Colliers International Florida represented the seller and second-generation owner, Kendra Parker. Attorney Gita Gandhi with New York-based Herrick, Feinstein LLP represented the buyer in the transaction.
As one of the best located and last developable sites on SW Seventh Street, the 17-unit site is located on the corner at 10703-10712 S.W. 7th Terrace and sits on 24,451 square feet, on .56 acres. Additionally, the buyer recently purchased the adjacent 36-unit, 1.7-acre development for $25.2M in August 2019 and plans to maximize both development sites with its strategic location.
“The Sweetwater submarket is attracting developers who are especially interested in building Class A student housing and we’re proud to have facilitated this deal especially as we continue to see growing demand for quality student housing near Florida International University,” said Colliers’ Fernandez. “Students are increasingly searching for housing outside of dorms and older functionally obsolete buildings – approximately 55 percent of units within a one-mile radius of the campus are Class C - and these new quality housing projects may tap into the Sweetwater market, which lacks new housing. As the FIU main campus and Engineering center continue to grow, this demand will continue.”
Additionally, Virgilio Fernandez has been appointed to lead the sale of a 1.92-acre development site with 48 existing units nearby on SW Third Street right off 107 Avenue.
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