BETHESDA, MD., June 30, 2022 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it is facilitating the $92,000,000 sale of First Apartments, a mid-rise luxury apartment community conveniently located less than a mile from both Downtown Miami and Brickell in booming East Little Havana. Completed in late 2021, the community reached 90% occupancy in January 2022reflecting an extraordinary initial speed to market of almost 45 leases per month.

First apartments in Miami’s East Little Havana neighborhood

Walker & Dunlop’s Always hunter and Kaya Suarez represented the buyer, Lloyd Jones, and the seller, Premium Development, in the transaction. The Walker & Dunlop team acted as advisers and drove a competitive marketing process to ensure an attractive outcome for the property. This sale represents the first transaction between the three parties as well as Premium Development’s first American multi-family project.

“Since opening its doors at the end of September, First Apartments has benefited from an increase in rental rates with recent leases signed for more than 25% above the initial leases,” said Roger Karré, director of operations at PremiumDevelopment. “With rental rates that are almost $500 below communities with comparable finishes and amenities, First Apartments enjoys an enviable position as the best value in the local competitive set. The impressive rental performance is a testament to the asset’s attractiveness and prime location, close to key demand drivers, entertainment venues and public transit routes.”

“With the insatiable demand for moderately priced luxury rental options in South FloridaFirst Apartments meets the growing needs of Miami value-seeking residents compared to Brickell and Downtown Miami leasing options,” commented Mr. Hunter. “The new community is also an excellent investment opportunity given its proximity to Miami commercial business district, offering nearly 22 million square feet of office space and 125,000 jobs.”

Developed with incredible attention to detail and a focus on smart design, First Apartments is the premier luxury rental option in East Little Havana. The community offers spacious and luxuriously appointed apartments which are complemented by an excellent set of amenities including health club quality fitness facilities, resort style swimming pool, extensive bark park and various other amenities improving lifestyle.

Walker & Dunlop is a leader in the sale of multi-family properties, having achieved $19.3 billion in real estate sales volume in 2021 alone, up 214% from 2020. Visit our website for more information on multi-family properties available for sale via the Walker & Dunlop real estate sales platform.

About Walker & Dunlop

Walker and Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling property owners and operators to bring their vision of communities to life – where Americans live, work, shop and play. The power of our people, our leading brand and our cutting-edge technology make us more insightful and valuable to our customers, delivering an unparalleled experience every step of the way. With over 1,400 employees in all major US marketsWalker & Dunlop has consistently been named one of FortuneThe best places to work® and is committed to making the commercial real estate industry more inclusive and diverse while create meaningful social, environmental and economic change in our communities.

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SOURCEWalker & Dunlop, Inc.