Miami—Two multifamily complexes just traded hands—and they represent the highest per-unit sales price for original 1920s construction in the Miami submarket of Auburndale-Little Havana. The eight-unit multifamily assets traded for $1.449, or $90,562 per unit, on Auction.com. The auction had nine registered bidders.

Located at 2741 and 2749 Southwest 5th Street, the multifamily assets were originally constructed in 1925 and 1927. Juan C. Alarcon, a local investor represented by Luis Osio of Oasis International Realty Group, acquired the assets. Manuel Cruz sold the multifamily properties.

"Submarkets such as this one in Miami present a great investment opportunity as rental rates continue to rise," Joe Cuomo, senior vice president of business development at Auction.com, tells GlobeSt.com. "With large population influxes, cities such as Miami in the Southeast are currently among the nation's top multifamily markets, and a submarket like Auburndale-Little Havana, in particular, has the ability to attract many interested multifamily buyers."

The 16 one-bed, one-bath units feature original construction with wood and tile floors. The multifamily assets have undergone capital improvements, including new electric and plumbing systems.

One unique feature of these 1920s multifamily buildings is underground crawl space. Cuomo says the new owners should be able to capitalize on a strong Miami multifamily market that is seeing prices and rents on the uptick.

"These properties had been listed elsewhere for 18 months, but it took less than three months to find the right buyer after moving them over to Auction.com — while also uncovering their true market value," says William Cabrera, Auction.com vice president of business development in Miami. "The traditional way of selling these assets did not wind up being the best option."