X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-On the receiving end of an attractive offer, Kendall Lake Towers LLC has sold Kendall Lake Towers, a six-story, 254-unit apartment complex in the city, for $21.2 million. The price equates to approximately $83,500 per unit. The buyer, an undisclosed local private investor, bought the property in a 1031 Exchange.

The previous owner was not planning to sell the property and it was not put on the market, Joshua Schrager, a broker in the sale, tells GlobeSt.com. “It was an unsolicited offer that they couldn’t refuse,” according to Schrager. In addition, he says, “It was probably the fastest sale we’ve ever done. The guy just bought it.”

Paul Whalen and Schrager of Whalen Realty Capital LLC, a Hollywood, FL, real estate investment banking firm, represented Kendall Lake Towers LLC in the transaction.In December 1996, Kendall Lake Towers LLC bought the property for approximately $5.2 million, according to the Miami-Dade County property appraiser’s office—which also puts the property’s 2003 market and assessed values at $12 million each. Kendall Lake Towers is a class B, gated community with a few amenities. Located at 15221 S.W. 80th St., the four-building apartment complex was finished in 1992 and is considered low-income housing. The complex totals 271,385 sf.

Although the buyer currently does not own other properties in South Florida, according to Schrager, he does have plans to purchase other multifamily properties in the area.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.