MIAMI—Lakeside Villas, a distressed 190-unit condominium community in Kendall, FL, has traded hands. The buyer is a local private investor.
Still Hunter III, a senior vice president of investments with Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, along with Evan Kristol, M&M senior vice president investments, and Alex Zylberglait, M&M vice president investments, advised the receivership.
“With both rents and occupancy well below market level in the extremely strong Kendall submarket, the new owner is in a position to leverage Lakeside Villas’ outstanding upside potential,” says Hunter. “The area’s average occupancy exceeds 95%, so although the property was purchased as a distressed asset, we expect it to perform well.”
Located at 15410 SW 75 Circle Lane, the multifamily asset was built in 1985. The apartment community spans 137,840-square foot and offers frontage on SW 154th Avenue between Sunset Drive and Kendall Drive. The 9.7-acre lakefront site is situated in a desirable residential in-fill area.
“In 2008, when these units were converted to condominiums, they sold for an average of more than $225,000,” adds Hunter. “Now, with the economy rebounding, the investor is well-positioned to keep pace with the market as leases turn.”
The A-rated Dante B. Fascell Elementary School is located about half a mile away from the multifamily development, and the A-rated Hammocks middle school is less than two miles away. Shopping opportunities and major employment centers are also nearby.
“The new owner may choose to realize additional upside by executing a limited value-add program to enhance the overall curb appeal of the community and reposition it,” Hunter concludes. Multifamily ommunity amenities include a swimming pool and sundeck, a poolside clubhouse with baths, saunas and barbecues, a 3,000-square foot community center with leasing offices, and a fitness center.