Map pin18821 NE 3rd Ct, Miami, FL, 33179-1404, US

Aspen Lakes

Aspen Lakes_Property for Sale

Attributes

Number of units
226 units
Year built
1971
Year renovated
2002
Occupancy
98%

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale Aspen Lakes, a 226-unit LIHTC Property in the Miami MSA. This 98% occupied property has enjoyed tremendous leasing momentum, with recent renewals and new move-ins signing at the 2023 max LIHTC rents. Strong projected max rent growth in the Miami MSA provides an attractive hedge against inflation. The Property also presents Investors an opportunity to benefit from its location in the Miami MSA, one of the nation's fastest growing and most affluent metro areas.

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Investment highlights

  • Stable, bond-like cash flow due to existing rent and income restrictions along with a $650+ spread between max LIHTC and market rents.
  • Strong max rent & income limit growth in the Miami MSA, averaging 5.4% annually from 2017-2023.
  • Potential future upside through market-rate conversion and repositioning upon LIHTC expiration in 2031. Unrestricted rents significantly exceed affordable rents in the submarket.
  • Least affordable housing market in the country bolsters demand for low income housing.
  • Highly-amenitized location offering superior connectivity to Miami's major employment hubs and various economic drivers including Miami's Industrial District, Hard Rock Stadium, Top Golf, and Jackson North Medical Center.
Aspen Lakes 4_Property for Sale
Aspen Lakes 4_Property for Sale
Aspen Lakes (0 Properties)

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Last updated
Mar 18, 2024