Art 88

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire Art 88 Apartments (the “Property” or “Art 88”), a 294-unit, mid-rise, multi-housing asset with stunning lake views and reliable cash flow centrally located in Miami-Dade County. The Property is strategically positioned within minutes of a wide array of prominent demand drivers and employment hubs, such as Dolphin Mall, Walmart, Costco, Miami International Airport and the Waterford Business District.

This 1971 vintage asset is being offered 23% below replacement cost and features eight residential buildings across 9.24 acres. Today, 53% of units (156 of 294) have been upgraded with new kitchens, 35% of units (104 of 294) have been upgraded with partially renovated kitchens, and 41% of units (120 of 294) include vent-less in-unit washer/dryers. Art 88 also features a fantastic amenity base with two swimming pools, a lakeside BBQ area, a gated bark park, manicured walking paths, on-site laundry facilities and a fitness center.

Since 2017, the Property has undergone over $3.2 million in interior and exterior upgrades and stands to benefit from even further investment. Unrenovated and partially renovated units are renting at a $434 discount per month to the renovated competition, demonstrating robust additional upside. Art 88 also stands to benefit from its unique positioning in an infill market which boasts virtually no incoming supply.

In addition to its central location in the highly- amenitized West Miami submarket of Fontainebleau, Art 88 greatly benefits from its proximity to the Miami International Airport (7 miles) and rapid accessibility to the Dolphin Expressway and other major thoroughfares. The Property is also surrounded by outstanding employment drivers with over 69.9 million SF of office and industrial space, three regional malls, a major medical center and a top-rated university in the area.

Art 88 represents a unique acquisition opportunity combining an incredibly located mid-rise asset with strong in-place cash flow and potential for additional upside.