Rental Management Company Pays $30M For Little Havana Building

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Rental Asset Management paid $30.1 million for an apartment building in Miami’s Little Havana neighborhood, property records show.

The sale of the 100-unit property, First & Sixth, equates to $301,000 per unit. The rental building only holds two-bedroom apartments, which are leased for $2,800 a month, according to Apartments.com

SEE ALSO: Harbor Group Sells Pompano Beach Apartment Complex for $96M

Located at 35 SW 6th Avenue, the 126,897-square-foot building sits two blocks from the Miami River, adjacent to SW 1st Street. It’s about a mile from two popular neighborhoods, Downtown Miami and Brickell. 

The seller, Eastern Atlantic Land Development, completed the 13-story building in 2019, after buying the 13,866-square-foot lot a year earlier for $1.6 million, per records.

The buyer, based in Oakland Park, Fla., manages rental apartments across Florida with a portfolio spanning 50 properties and over 3,000 units, according to the company.

There’s no better time to own rental properties in the region. Miami’s rental market skyrocketed during the pandemic, becoming one of the most expensive cities to live in, rivaling New York and San Francisco. 

Median monthly rental rates rose by 58 percent to $2,988 since March 2020, according to a recent report from Realtor.com.

Julia Echikson can be reached at jechikson@commercialobserver.com.