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|Number of units||294|
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.
- 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