Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2000
Building Area Net
Land Area Net ()
Number of units 294

Asset Description

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire Art 88 Apartments (the “Property” or “Art 88”), a 294-unit, mid-rise, multi-housing asset with tremendous upside potential within Miami-Dade County. This 1971 vintage asset features a fantastic amenity base with 46% of units (135 of 294) upgraded with new kitchens and 29% of units (84 of 294) upgraded with partially renovated kitchens. The upgraded units have exhibited strong value-add premiums and stand to benefit from even further investment. The Property is strategically positioned within minutes of a wide array of prominent demand drivers and employment hubs, such as Dolphin Mall, Walmart, Costco, Miami International Airport and the Waterford Business District. The Property has been meticulously maintained by the current Owner, which completed a $3.2 million upgrade program between 2017 and 2022 and stands to benefit from further upgrades.


Art 88 has performed extremely well over the last several months and will continue to perform as such, given its unique positioning in an infill market with virtually no incoming competitive supply. With occupancy consistently above 95%, resident retention above 50% and rent growth of 25% on recent tradeouts, the Property shows incredible stability and upside potential to drive revenue. Furthermore, unrenovated and partially renovated units are renting at a $717 discount per month to the renovated competition, demonstrating robust additional upside.


In addition to its central location in the highly-amenitized West Miami submarket of Fontainebleau and stunning lakefront views, Art 88 greatly benefits from its proximity to the Miami International Airport and rapid accessibility to the Dolphin Expressway and other major thoroughfares. The Property is also surrounded by outstanding employment drivers with over 66.2 million SF of office and industrial space, three regional malls, a major medical center and a top-rated university in the area.


Art 88 represents a unique acquisition opportunity combining an incredibly located mid-rise asset with significant upside value-add potential.

Investment Highlights

  • Exceptionally Located Mid-Rise Asset Boasting Tremendous Upside Potential Within One of Miami's Top Employment Nodes
  • Proximity to Major Employers, Schools, Healthcare, Transportation, and Retail
  • Unbeatable Highway Connectivity & Access to Surrounding Submarkets - 5 min Drive to Miami-Dade's Primary East-West Highway
  • Strong Asset Performance - 25% Rent Growth on Recent Tradeouts
  • Established Demand in a Market with Minimal Supply Underway Indicates Significant Future Rent Growth


Last Updated Date: 02 Feb 2022

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

Last Updated Date: 02 Feb 2022

Do you have any questions?  Visit our FAQ page

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.