Developers are increasingly seeking to build new upscale student living next to Florida International University as demand for that kind of housing grows.
Now, Adam America Real Estate has acquired a 36-unit multifamily development near the campus in Sweetwater for $20 million.
The New York-based real estate investment firm paid $555,555 per unit for the properties at 10726 Southwest 7 Street, records show. The seller was Steef and Rogelio Foch of Hialeah Gardens.
Bank Leumi provided a $12 million acquisition loan on the 1.7-acre property, which was last purchased in 1990 for $900,000.
The collection of multifamily properties is directly in front of Florida International University, which has an undergraduate enrollment of close to 50,000 students.
Global City Development is planning to build a 400,000-square-foot luxury student living project with Toll Brothers next to FIU, which will have 293 units and 1,086 beds.
Adam America was founded by Dvir Cohen Hoshen and Omri Sachs in 2009. The company focuses on multifamily properties in New York. Its development portfolio includes nearly 15 projects with over 1,800 apartments, according to its website.