Living / Multi-housing

Aspen Lakes

18701 NE 3rd Ct, Miami, FL, 33179-1400, US

Aspen Lakes_Property for Sale

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Asset description

Year Renovated: 2002

Rent % Income Restrictions: 100% @60% AMI

End of Year 15: December 31, 2016

End of Affordable Restrictions: December 31, 2031

Average Unit Size: 884 SF

Net Rentable SF: 199,891 SF

Buildings: 7 Residential

Attributes

Number of units
226 units
Year built
1971
Building area Net
201,910 sf
Land area Net
14.49 acres (631,184 sf)

Investment highlights

  • Stable, bond-like cash flow due to existing rent and income restrictions along with a $450 spread between max LIHTC and market rents.
  • Impressive max rent growth averaging 5.2% annually since 2016. Miami's max rents effective April 2022 will grow an additional 6.7%
  • Highly-Amenitized Location Offering Superior Connectivity to Miami's Major Employment Hubs and Economic Drivers including Miami's Industrial District, Hard Rock Stadium, Top Golf, and Jackson North Medical Center within 10 minutes of the Property.
  • Irreplaceable Location in Miami Gardens Providing Immediate Access to the Golden Glades Interchange, Connecting Six of Miami's Major Highways and Nearby Submarkets.
  • Potential Future Upside through Market Rate Conversion and Repositioning Upon LIHTC Expiration in 2031. Unrestricted Rents Significantly Exceed Affordable Rents in the Submarket.

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Last updated
Aug 11, 2022