Living / Multi-housing

Aspen Lakes

18701 NE 3rd Ct Miami, Florida United States 33179-1400
Asking Price Contact for pricing
Area Size
NOI Net Operating Income
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 1971
Building Area Net
Land Area Net ()
Number of units 226

Asset Description

Year Renovated: 2002

Rent % Income Restrictions: 100% @60% AMI

End of Year 15: December 31, 2016

End of Affordable Restrictions: December 31, 2031

Average Unit Size: 884 SF

Net Rentable SF: 199,891 SF

Buildings: 7 Residential

Investment Highlights

  • Stable, bond-like cash flow due to existing rent and income restrictions along with a $450 spread between max LIHTC and market rents.
  • Impressive max rent growth averaging 5.2% annually since 2016. Miami's max rents effective April 2022 will grow an additional 6.7%
  • Highly-Amenitized Location Offering Superior Connectivity to Miami's Major Employment Hubs and Economic Drivers including Miami's Industrial District, Hard Rock Stadium, Top Golf, and Jackson North Medical Center within 10 minutes of the Property.
  • Irreplaceable Location in Miami Gardens Providing Immediate Access to the Golden Glades Interchange, Connecting Six of Miami's Major Highways and Nearby Submarkets.
  • Potential Future Upside through Market Rate Conversion and Repositioning Upon LIHTC Expiration in 2031. Unrestricted Rents Significantly Exceed Affordable Rents in the Submarket.
Last Updated Date: 12 Jan 2022

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Last Updated Date: 12 Jan 2022

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