Walker & Dunlop, Inc. announced that it facilitated the $92,000,000 sale of First Apartments, a luxury mid-rise apartment community ideally situated less than one mile from both Downtown Miami and Brickell in up-and-coming East Little Havana. Completed in late 2021, the community reached 90% occupancy by January 2022, reflecting an extraordinary initial leasing velocity of nearly 45 leases per month.
Walker & Dunlop's Still Hunter and Kaya Suarez represented the buyer, Lloyd Jones, and the seller, Premium Development, in the transaction. The Walker & Dunlop team acted as advisors and drove a competitive marketing process to ensure an attractive outcome for ownership. This sale represents the first transaction between all three parties as well as Premium Development's first U.S. multifamily project.
Since opening its doors in late September, First Apartments has enjoyed an increase in lease rates with recent leases signed for more than 25% above initial leases. With rental rates that are nearly $500 below communities with comparable finishes and amenities, First Apartments enjoys the enviable position as the best value in the local competitive set. The impressive lease-up performance is a testament to the appeal of the asset and its prime location, proximate to key demand drivers, entertainment venues, and transit routes."
Roger Karré, the Chief Operations Officer at Premium Development
"With the insatiable demand for moderately priced luxury rental options in South Florida, First Apartments meets the growing needs of Miami residents seeking value relative to Brickell and Downtown Miami's rental options," commented Mr. Hunter. "The new community is also an excellent investment opportunity given its proximity to Miami's commercial business district, boasting nearly 22 million square feet of office space and 125,000 jobs."
Developed with incredible attention to detail and a focus on smart design, First Apartments is the premier luxury rental option in East Little Havana. The community features spacious, luxuriously appointed apartment homes that are complemented by an excellent amenity package, including health club quality fitness facilities, a resort-style lap pool, an expansive bark park and various other lifestyle-enhancing amenities.
Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. Visit our website for information about multifamily properties available for sale via Walker & Dunlop's property sales platform.
About Walker & Dunlop
Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With more than 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.