Property Markets Group Acquires Development Site In Miami's Wynwood Arts District For $20M
112 Northwest 30th Street, 120 Northwest 30th Street, 130 Northwest 30th Street, 138 Northwest 30th Street, 119 Northwest 29th Street, 131 Northwest 29th Street & 137 Northwest 29th Street
$20,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 4, 2023
AI
Property Markets Group (PMG) has acquired a development site in Miami's Wynwood Arts District for $20 million. The site, located at 112, 120, 130, 138 Northwest 30th Street, 119, 131, and 137 Northwest 29th Street, spans approximately 1.11 acres. The transaction took place on October 4, 2023.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Market: Miami
- Buyer: Property Markets Group - Ryan Shear
- Seller: Alexander Karakhanian - LNDMRK Development
Alexander Karakhanian, the founder of LNDMRK Development, sold the development site to Property Markets Group. Ryan Shear, representing PMG, was involved in the acquisition. The site is situated in a zoning district that permits the construction of mixed-use buildings up to 12 stories high. PMG has announced plans to commence condo sales at the site in 2024.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93