MIAMI—Riverwalk II has a new owner. Riverfront Capital, LLC, a local private capital group, sold the property or $6.2 million to YTech Development, LLC, based in Miami. The sale price equates to $55,357 per unit or $65 per square foot.
The CBRE Multi-Housing Private Capital Group arranged the sale of the multifamily asset, which was a Low Income Housing Tax Credit (LIHTC) transaction. The multifamily property is located at 301 South East 6th Avenue in Homestead, FL.
“Within the last year, we have seen a renewed interest in the Homestead market,” says Calum Weaver of CBRE's Multi-Housing Private Capital Group. “With a lack of available multi-housing product in Miami-Dade, more investors are branching out into the Homestead market. Improving market dynamics and attractive priced-per-unit product provides a compelling investment opportunity.”
During the last three months, the CBRE Multi-Housing Private Capital Group has closed 10 apartment sales in South Florida on behalf of private investors. According to Weaver, 2012 saw the highest multi-housing sales volume within South Florida in the last five years. Click here to read about another recent multifamily sale Calum executed in South Beach.
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