Updated Oct 29, 2024
Advenir Acquires Trails Apartment Complex In Miami-Dade County For $18M
1040 SW 70th Ave Miami, FL 33144, USA
$18,060,000
Units
84
Asset Type
MultiFamily
Closing
Jun 13, 2023
About this deal
AI
Advenir has acquired the Trails apartment complex in Miami-Dade County for $18 million. The 84-unit project, located on the Ludlam Trail pedestrian park, is part of a larger development with plans for additional apartments and retail space.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $18,060,000
- Address: 1040 Southwest 70th Avenue
- Market: Miami
- Acres: 5.4
The buyer, Advenir, completed the purchase of the Trails apartment complex. The seller in the transaction was Prestige Builders. Valley National Bank provided the loan for the deal. Stephen Vecchitto of Advenir represented the buyer's interests in the sale.
Players
Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93