(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)

MIAMI—A portfolio of 116 single-family homes is up for grabs in Homestead. 13th Floor Investments has decided to dispose of the housing as the market continues to rebound.

The HFF team representing the seller is led by directors Jaret Turkell and Matt Mitchell and supported by real estate analysts Maurice Habif and Scott Wadler. There is no formal asking price for the offering.

“The seller acquired the portfolio through a series of acquisitions early on in this cycle,” Turkell tells GlobeSt.com. “The unprecedented amount of capital seeking to invest in the single-family home arena coupled with the lack of supply makes this an appropriate time to execute a disposition strategy.”

The 116 homes are located 26 miles south of Miami in Homestead. The homes are near Homestead Hospital, which recently opened its new $135 million facility. The homes are also close to the Homestead Air Force Base and Homestead Miami Speedway. The average portfolio-wide vintage for the homes is 2006 and they average approximately 1,708 square feet.

“This portfolio is unique in that all of the homes are located within a tight two-mile radius and thus this offering represents an opportunity to acquire scale in the single home arena in a concentrated area,” Turkell says. “The proximity in location factor is desirable as it allows ownership to take advantage of operational and management efficiencies offered through economies of scale. We have not seen a single-family home portfolio sale offered in this tight of a geographic radius in Florida.”

Turkell sees significant pent up demand for single family residential product as investors view the asset class as an opportunity to achieve a stable yield coupled with steady capital appreciation. HFF reports significant interest in the portfolio from a wide variety of capital sources., including aggressive bids from large institutions that have raised capital to invest in this product type and local and regional investors and international high net worth groups.

“The Miami residential real estate market has been white hot, with dramatic sales absorption and significant increases in home sale prices,” Turkell says. “We are seeing the ‘Miami Effect’ play out throughout Dade County and Homestead is poised to benefit from the global demand to invest in Dade County. We  are currently seeing impressive absorption and pricing on new homes in Homestead with home builders such as Lennar and DR Horton achieving robust sales pricing and velocity.”