190 Distressed Condominium Units Trade in Miami-Dade County
KENDALL, Fla., Jan. 14, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Lakeside Villas, a distressed 190-unit condominium community in Kendall, Fla.
Still Hunter III, an IPA senior vice president investments, Evan Kristol, a Marcus & Millichap senior vice president investments, and Alex Zylberglait, a Marcus & Millichap vice president investments, advised the receivership. The buyer is a local private investor.
“With both rents and occupancy well below market level in the extremely strong Kendall submarket, the new owner is in a position to leverage Lakeside Villas’ outstanding upside potential,” says Hunter. “The area’s average occupancy exceeds 95 percent, so although the property was purchased as a distressed asset, we expect it to perform well.”
“In 2008, when these units were converted to condominiums, they sold for an average of more than $225,000,” adds Hunter. “Now, with the economy rebounding, the investor is well-positioned to keep pace with the market as leases turn.”
“The new owner may choose to realize additional upside by executing a limited value-add program to enhance the overall curb appeal of the community and reposition it,” Hunter concludes.
Located at 15410 SW 75 Circle Lane, the 1985-built, 137,840-square foot property includes 50 one-bedroom/one-bath units, 44 two-bedroom/one-bath units and 96 two-bedroom/two-bath units for a total of 190 units, or 85 percent of the community’s 224. The asset offers frontage on SW 154th Avenue between Sunset Drive and Kendall Drive, and its 9.7-acre lakefront site is situated in a desirable residential in-fill area. The A-rated Dante B. Fascell Elementary School is located approximately one-half mile away, and the A-rated Hammocks middle school is less than two miles away. Shopping opportunities and major employment centers are also nearby.
Lakeside Villas is constructed of solid concrete block with painted stucco exteriors and pitched roofs. Its community amenities include a swimming pool and sundeck, a poolside clubhouse with baths, saunas and barbecues, a 3,000-square foot community center with leasing offices, and a fitness center. In-unit amenities include private patios or balconies, walk-in closets, central air conditioning and vinyl or ceramic tile flooring in wet areas. Some units include washer-dryer hookups, lake views and extra storage.