Rental management company pays $30 million for Little Havana building – Trade Observer

Rental asset management paid $30.1 million for an apartment building in Miami’s Little Havana neighborhood, property records show.

The sale of the property of 100 dwellings, first and sixth, equals $301,000 per unit. The rental building contains only two-bedroom apartments, which are rented for $2,800 per month, according to Apartments.com.

Located at 35 SW 6th Avenue, the 126,897 square foot building sits two blocks from the Miami River off SW 1st Street. It is approximately one mile from two popular neighborhoods, Downtown Miami and Brickell.

Seller, Eastern Atlantic Land Developmentcompleted the 13-story building in 2019, having purchased the 13,866-square-foot lot a year earlier for $1.6 million, records show.

The buyer, based in Oakland Park, Fla., manages rental apartments across Florida with a portfolio spanning 50 properties and more than 3,000 units, according to the company.

There’s no better time to own rental properties in the area. Miami’s rental market has skyrocketed during the pandemic, becoming one of the most expensive cities to live in, rivaling New York and San Francisco.

Median monthly rental rates are up 58% to $2,988 since March 2020, according to a recent report from real estate agent.com.

Julia Echikson can be contacted at jechikson@commercialobserver.com.