Dealmaker: Walker & Dunlop Completes $92M Miami Multifamily Sale

Walker & Dunlop, Bethesda, Md., sold First Apartments, a Class A apartment in East Little Havana near downtown Miami, for $92 million.

Completed in late 2021, the mid-rise community reached 90 percent occupancy by January, reflecting an initial leasing velocity approaching 45 leases per month.

Walker & Dunlop’s Still Hunter and Kaya Suarez represented buyer Lloyd Jones and seller Premium Development, in the transaction. The sale represented the first transaction between all three parties as well as Premium Development’s first U.S. multifamily project.

“Since opening its doors in late September, First Apartments has enjoyed an increase in lease rates,” said Roger Karré, Chief Operations Officer at Premium Development. He noted recent leases signed for more than 25 percent above initial leases and called the lease-up performance a testament to the asset and its location close to demand drivers, entertainment venues and transit routes.

“With the insatiable demand for moderately priced luxury rental options in South Florida, First Apartments meets the growing needs of Miami residents seeking value relative to Brickell and Downtown Miami’s rental options,” Hunter said. He noted the community’s proximity to Miami’s commercial business district’s nearly 22 million square feet of office space and 125,000 jobs.

Located at 700 SW 1st St in Miami, First Apartments has a resort-style lap pool and a large dog park for residents.