NORTH MIAMI, FL-Chicago-based Waterton Associates has hired representatives in the Fort Lauderdale office of Marcus & Millichap's national multihousing group to offer Summerwinds Apartments at a list price of $32 million, which represents $91,954 a unit. According to the Miami-Dade County Property Appraiser's office, Waterton acquired the 348-unit rental asset in March 2000 for just under $13 million or approximately $37,341 a unit.
Summerwinds is located at 490 NW 165th St, and contains 156 one-bedroom units at 700 sf and 192 two-bedroom, two-bath units that range between 870 sf and 1,030 sf. Published rental rates range from $804 to $996 a unit. The property was completed in 1972.
Evan Kristol, an M&M senior investment associate, who, along with Still Hunter III, a senior associate, is marketing the property, says, "it is one of the best located and best maintained properties in the North Miami submarket." It is a gated community with a pool, sundeck, clubhouse, fitness center, business center, basketball court and two lighted tennis courts. Kristol also says it is not uncommon for multifamily properties to sell over list price, and condo converters are the most interested multifamily buyers here.
Since Waterton's founding in 1995 its portfolio has included 26,000 apartment units on 80 properties nationwide. It currently owns and manages 10 multifamily assets in Florida, three of which are in Pembroke Pines. Since 1995, its average purchase price for multifamily assets is $49,907 a unit, and its average holding period is 35 months.
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