Lloyd Jones expanded its South Florida multifamily portfolio with a $92 million acquisition in Miami’s Little Havana.
Miami-based Premium Development sold First Apartments, a 194-unit building at 701 Southwest First Street, to Lloyd Jones, a multifamily and senior living-focused real estate firm also based in Miami, according to a press release.
Still Hunter and Kaya Suarez with Walker & Dunlop brokered the deal, representing the seller and the buyer. First Apartments hit the market in February, and Lloyd Jones paid the listing price, a Walker & Dunlop spokesperson said. The deal breaks down to $474,226 per apartment.
Premium Development, the U.S. subsidiary of Austria-based developer Premium Group, bought the 1.4-acre site for $3.3 million in 2017, and the 13-story building was completed last year, records show. First Apartments reached 90 percent occupancy in January and is currently at 97 percent occupancy, the Walker & Dunlop spokesperson said.
The property is a mix of one-, two-, three- and four-bedroom units with monthly rents ranging from $2,333 to $5,125, according to an offering. First Apartments also has a ground-floor commercial space.
Premium Development is not done building new apartments in Little Havana. In May of last year, the firm paid Presidente Supermarkets $15 million for an adjacent 2.3-acre property. Premium plans to break ground in 2023 on a 400-unit multifamily building with ground-floor retail.
Lloyd Jones, led by Chairman and CEO Christopher Finlay, has developed, owned, and managed about $1.2 billion in multifamily real estate since 1990, according to the firm’s website. In 2019, Lloyd Jones paid $55.6 million for Ventura Point, a 206-unit apartment complex in Pembroke Pines.
Amid a hot South Florida multifamily market, investors are eyeing Little Havana properties that offer renters more affordable rates than buildings in neighboring Brickell and downtown Miami. Last month, a trio of apartment buildings in Little Havana traded for a combined $29 million.
In April, Oakland Park-based Rental Asset Management paid $30.1 million for First & Sixth, a 100-unit apartment building in Little Havana