Real Estate Investment Offering For Miami Multifamily Acquisition

The real estate investment platform CrowdStreet is releasing a new offering for the acquisition of Art88 Apartments in Miami, FL, a 294-unit multifamily property in one of the fastest-growing rental markets in the country.

The sponsor, Trion Properties, will be purchasing the property for $87.25 million and implementing $5.3 million in capital improvements. Trion plans to allocate $3.5 million to complete the interior property renovations to a top-of-the-market standard and $1.8 million to deferred maintenance, clubhouse and pool renovations, landscaping, BBQ grill stations, signage and mechanical/utility repairs.

Investment Highlights: Miami is ranked #7 on Crowdstreet’s Best Places to Invest and was named the #1 U.S. metro for migration by Redfin in 2021. The Miami/Doral submarket experienced 24% growth in multifamily rental income in the previous 12 months. New lease rental rates have increased 33% in the past year at Art88 Apartments with renewals increasing 25% in the same period.

• Minimum investment: $25,000
• Target internal rate of return (IRR): 17%
• Target average annual cash yield: 1.7%
• Target equity multiple: 1.6x
• Target investment period: 3 years

Deal Sponsor: Trion Properties is a tenured sponsor on CrowdStreet, with seven previous offerings on the platform. Since its inception in 2005, Trion Properties has generated an average IRR in excess of 25%.

Details on this offering and other private equity real estate investments can be found on Benzinga Alternative Investments.

Photo: Courtesy of CrowdStreet