Cervera Real Estate Ventures, led by Javier Cervera Jr., sold a 90-unit apartment complex near Miami International Airport to a company owned by Montreal’s Trams Property Management.
Magnum Holding Company, a U.S. subsidiary of Trams, paid approximately $20 million for the Mia Airport Villas at 4325-4335 South Canal Drive in Tamami, according to a press release. The transaction cost approximately $224,000 per rental unit.
Global Ventures’ Joel Rodriguez and Marcus and Millichap’s Felipe Echarte facilitated the transaction, according to a press release. John Kolter and Keller Williams represented the buyers.
Cervera sold the two-building community for $7 million more than it paid for it three years ago. 2020, Cerveira Buy Mia Airport VillaRecords show the project was completed in 1972.
During its ownership, Cervera repositioned and stabilized Mia Airport Villas. Cervera Jr. said in a statement that the apartment building was “undervalued” when his company purchased the property.
Prior to joining Cervera, the owner operated Mia Airport Villas as a short-term rental. Cervera converted the property into a traditional apartment. A company spokesman said the company spent $550,000 on repairs and renovations to Mia Airport Villas. In 2020, the complex is at 80% occupancy. At the time of its most recent sale, the property had a 98% clearance rate During the three-year period, the average asking rent jumped from $1,387 to $1,560 per month.
According to Apartments.com, Mia Airport Villas offers one- and two-bedroom apartments ranging in size from 680 to 780 square feet.
The sale of Mia’s airport villas fits with Seville’s transition from multifamily real estate to a retail center. The company plans to reinvest proceeds from the deal and is currently scouting retail real estate in Miami-Dade County, the release said.
Last year, Cervera sold three apartment buildings in North Miami for a combined $10 million.Around the same time, Cervera paid $25 million Tropical Park Plaza is a shopping center in Westchester’s unincorporated Miami-Dade neighborhood.
Founded in 1981, Magnum owns a handful of apartment complexes and hotels in the United States, according to the company’s website.Last year, Magnum bought Pierre on The Bay, a 70-unit apartment building, and a vacant lot near Normandy Island in Miami Beach for $ $15 million.