Good morning everyone. I'm exploring a potential new market for my next investment. I work exclusively in Chicago, however over the past 7-8 years have been spending time in Miami/Ft. Lauderdale one to two months at a time and planning on moving here in about 4 years. Would love to start conversations and assembling a team that can help me with acquisition and management a multifamily property in south Florida.
Property Manager · Miami, FL · Member since 2017 · 32 posts · 5 votes
4y
@Jason Brown Cap rates are tight down here. With the up-zoning of the US-1 corridor there have been a large amount of new development project that, although increasing supply, has increased comps for other multi-family in the area. The older product is smaller but better located for walkability into the Grove. Rates around us are mid to low 4s
Real Estate Broker | Investor | Property Manager · Plantation, FL · Member since 2015 · 228 posts · 68 votes
5y
Hi @Igor Fedulov
Happy to speak with you as you put the team together. Coconut Grove and Coral Gables are great areas. To identify a building in that area will take some work and it's completely doable.
Property Manager · Miami, FL · Member since 2017 · 32 posts · 5 votes
4y
@Igor Fedulov Between Chicago and Miami you are in good shape. I am born and raised in Miami and now live and work in Coconut Grove. We own 10 different sites in the Grove and would be more than happy to partner on something. The multifamily market here is tight, in fact we are doing some development, but depending on your investment goals we can find something that could work. Please reach out to me and we can discuss further.
@Igor Fedulov Between Chicago and Miami you are in good shape. I am born and raised in Miami and now live and work in Coconut Grove. We own 10 different sites in the Grove and would be more than happy to partner on something. The multifamily market here is tight, in fact we are doing some development, but depending on your investment goals we can find something that could work. Please reach out to me and we can discuss further.
In the grove? Where are cap rates now? must be even tighter at this point?
Property Manager · Miami, FL · Member since 2017 · 32 posts · 5 votes
4y
@Jason Brown Cap rates are tight down here. With the up-zoning of the US-1 corridor there have been a large amount of new development project that, although increasing supply, has increased comps for other multi-family in the area. The older product is smaller but better located for walkability into the Grove. Rates around us are mid to low 4s