As the demand for market-rate multifamily assets continues to grow in Miami-Dade County, Day Pitney Attorney Daniel Diaz Leyva has facilitated the closing of a $6.44 million bulk condo deal. Mr. Diaz Leyva together with Day Pitney Attorney Amanda Gomez represented the seller, Springwood Properties LLC. Mr. Diaz Leyva worked closely with Multifamily Broker Deme Mekras, CEO and Managing Partner of MSP Group, LLC. The buyer of the condos, located at 3805 SW 103rd Ave., was Male 7 Corp.
The buyer plans to operate the units as market-rate apartments, according to Mr. Mekras.
“This is a very unique transaction, involving a partial condo conversion that took place prior to the financial crisis over a decade ago,” Mr. Diaz Leyva said. “Our client, the seller, owned the entire 42-unit apartment building before converting it to condos and selling some of them. The condos that didn’t sell were kept as apartments, and over the years Springwood Properties bought back additional units, ultimately controlling the 33 units it sold in this transaction.”
Male 7 Corp. now has a 79% controlling interest in the condo association.
“This transaction was possible thanks to the seller’s collaborative disposition,” Mr. Mekras said. “In order to facilitate the closing, the seller financed 70% of the purchase at a competitive rate for two years. The financing allowed Springwood Properties to secure the sale price it was looking for.”
The property is located in the Bird Road corridor in Miami-Dade. Bird Road, aka SW 40th Street, is a major East/West artery that connects Coconut Grove to the east all the way west to the Florida Turnpike and beyond to Miami’s most western neighborhoods. The property is strategically located near Christopher Columbus High School, St. Brendan School, Riviera Middle School, Florida Christian School, and Rockway Middle School.
