UPDATED July 27, 5:50 p.m.: Contemporary Single Family LLC, one of the Transcendent Investment Management companies, just scored a $9.15 million mortgage on an assemblage of single-family homes, property records show.
Transcendent, led by Jordan Kavana and Jacques Bessoudo, secured the loan from USA Banesco.
The Aventura-based firm mortgaged 48 newly built homes scattered throughout Miami-Dade and Broward counties. Bessoudo said the duo rents the homes, and plans to buy and rent out another 200 homes by the end of the year.
“The segment that we target is entry-level and trade-up houses,” Bessoudo said. “Newer product, below five years, has much more capital appreciation.”
The homes are primarily in Homestead, Doral, Tamarac, Lake Worth and Parkland. Bessoudo said the duo purchases homes in “the low $100s per square foot,” that range from 1,700 square feet to 3,000 square feet. He added that rents range between $1,800 and $2,500 per month.
Bessoudo said that in Miami-Dade, about 70 percent of homes are owner-occupied with the rest owned by investors who rent them out, while in Broward, as many as 90 percent of homes are occupied by their owners, with fewer rentals.
In 2014, Transcendent purchased 204 condo units in Doral for $45 million. The bulk sale encompassed the majority of units in the Valencia at Doral condominium community. The investors put 170 of the units on the market in September 2016.