The stock market heads into one of the worst Januarys in history.
Crypto crashes.
Multifamily carries on.
What happened in the multifamily scene across South Florida this month?
Let’s dive in.
Select January Transactions
Berkadia Arranges $81.5M Sale of Two-Property Portfolio in Lake Worth
GID Buys Newly Built Broward Apartments
Ousted WeWork Co-Founder Adam Neumann Purchases a 387-unit Tower in Midtown Miami
Wondering about a multifamily deal in South Florida that may be happening in real-time?
Ask me about it at Omar.Morales@Berkadia.com
Notable News
South Florida Multifamily Sales Hits Record $11Bn — marking nation’s hottest apartment market
The $11.4 billion investors spent in 2021, buying 603 rental properties in Miami-Dade, Broward and Palm Beach counties, was more than double the previous annual record of $5.5 billion set in 2016.
Berkadia’s Jaret Turkell, Roberto Pesant, and Omar Morales had 13% market share, having transacted on roughly $1.5 billion dollars worth of multifamily sales volume ranging from $4M deals to $355M deals in 2021.
South Florida SFH & Condo Pricing - Year Over Year Growth
Miami-Dade SFH median prices rose 15% y/y to $510,000
Broward County SFH median prices rose 17% y/y to $493,000
Palm Beach County SFH median prices rose 23% to $540,000
Condo median prices rose 32%, 20%, & 18% in Dade, Broward & Palm Beach counties, respectively
Market Chatter
Will the 2021 great migration to South Florida continue into 2022?
I’d bet on it.
Frankly I did, just having purchased a 2/2 apartment in Brickell!
Here’s Lucy Guo, the 27-year old tech trailblazer, who just bought a $6.7M home in Downtown Miami.
And Aneel Ranadive of Soma Capital
Active Opportunities For You
Click Here For Full Access:
7-Acre Land Site in South Miami
Homestead is growing faster than even local owners realize. What used to be a market averaging ~$1300 rents and $240k/door sales is now a market pushing $1800 rents with every property fully occupied.
Surging rental prices closer to Miami’s CBD and the increase in remote work will translate into relative outperformance for Homestead’s landlords.
Click Here For Full Access:
359-unit, Value Add, Garden-style Opportunity in Jupiter
Under Contract:
Newly Built, 276-Unit, Garden-style Apartments in Fort Lauderdale
This newsletter is for you.
What did you like? What would you add? What would you remove? Let me know!
See you in March!
in the meantime… let’s talk real estate!
Say hello at Omar.Morales@Berkadia.com