Updated Oct 29, 2024
Avanti Residential Acquires Nursing Home In Miami For $181M
218 NW 8th St, Miami, FL, 33136
$181,000,000
Building Size
—
Asset Type
Nursing Home
Closing
Nov 22, 2023
About this deal
AI
The nursing home located at 218 NW 8th St in Miami, FL, 33136, was sold for $181,000,000.00. The property features amenities such as a fourth-floor pool, fitness center, yoga and spin studios, salon, dog park, clubroom, café, gaming lounge, and a business center. The nursing home offers a range of floor plans from studios to three-bedroom units and provides immediate access to I-95.
Summary of transaction details:
- Property Type: Nursing Home
- Transaction Amount: $181,000,000.00
- Market: Miami
- Seller's Representative: Still Hunter (Walker & Dunlop)
- Buyer: Avanti Residential
Avanti Residential, the buyer of the nursing home, has now invested nearly $500 million in Florida with this acquisition marking their fourth investment in South Florida in the past year. Avanti is actively seeking Class A apartments in Florida and other key markets nationwide. The seller of the property was The Estate Cos., a South Miami-based company focusing on development and investment opportunities in South Florida.
Players
Miami Nursing Home Market Snapshot
Boundary boundary · Nursing Home · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93