GLG Investments, led by José Luis Pereira, Roger Prunhuber, and Augusto Granja, is offering a fully leased Miami-Dade County portfolio for sale at $44.9 million. The package encompasses 105 units, with Nathalie Azoubel and Sofia Silberman of Houselab Realty acting as the listing brokers.
The majority of the portfolio, comprising 103 units, encompasses condos, apartments, townhouses, and single-family homes in various locations including Miami, Hialeah, Hialeah Gardens, Doral, Miami Gardens, Opa-locka, North Miami, North Miami Beach, and unincorporated Miami-Dade.
All units are currently leased, with approximately 75 percent of the properties rented to tenants utilizing Section 8 vouchers. This strategy ensures a reliable cash flow, backed by the government’s commitment to covering rent for Section 8 housing. Over time, GLG also began renting units at market rates.
The recommendation is to transition all units to open-market rentals, potentially increasing income by up to 30 percent. The portfolio includes various properties, such as condos at Residencial El Prado Condominiums in Hialeah, units at the San Marco Condo in the Fontainebleau neighborhood, and a townhouse at Tuscan Lake Villas near Miami Gardens. Additionally, a unit is located at Stonebridge Garden Condos in Broward County’s Lauderhill.
The package also features a 0.3-acre development site in Miami, with zoning permitting a three-story, 18-unit apartment building. Furthermore, there’s an office condo in the 12-story Forum Aventura building in Ojus, which currently serves as GLG’s headquarters. The firm intends to vacate the office upon the sale of the portfolio.
Over the past decade, GLG accumulated this diverse portfolio, consisting of properties constructed from the 1980s to the early 2000s. The properties are hitting the market at a time when commercial investment sales are slowing due to high borrowing costs resulting from interest rate hikes. Nevertheless, Miami-Dade is experiencing heightened housing demand due to an influx of out-of-state residents and businesses in recent years, creating a shortage of available properties in the market.
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