|Number of units||309|
Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, is pleased to present the rare opportunity to acquire Midtown 29 (the “Property” or “Offering”), a 309-unit trophy, high-rise situated within Midtown Miami, a highly-amenitized and walkable urban node. Midtown is experiencing a surge in new residents – from both out-of-state and neighboring submarkets – that has led to incredible rent growth at the Property - recent leases are trending 28% above average rents. Completed in 2018, the 21-story luxury tower combines beautifully appointed interiors with sophisticated amenity spaces to deliver a product comparable to the finest condominiums in South Florida.
This Offering affords investors the unique opportunity to own in a market poised for continued population and rent growth due to growing nearby employment, connectivity to Downtown and Brickell, and the unmatched convenience of living in Midtown. The Property is one of only three Class AAA multi-housing assets favorably located at the southern border of Midtown with direct access to Wynwood, The Design District and Edgewater, uniquely positioning it to offer its residents incredible walkability (90 Walk Score) to fine dining, entertainment, art galleries, and high-paying jobs.
With its exciting location and impressive physical characteristics, Midtown 29 is truly a Class AAA investment opportunity positioned to achieve continued robust rent growth and generate durable cash flows.
- Explosive Submarket Population Growth of Nearly 300% Since 2010
- Highly-Amenitized and Walkable Neighborhood Offering a Wealth of Restaurants, Grocers, and Necessity Retail at the Property's Doorstep
- Sophisticated Amenity Areas Including a 5-Star Resort-style Swimming Pool with Poolside Bar and Grills along with High-End Cabanas
- Accelerating Asset Performance: Recent Leases Averaging 28% Above Average In-Place Rent and 24% Rent Premiums Achieved on Lease Trade-outs
- Strengthening Fundamentals: 27% Average YOY Effective Rent Growth Projected (CoStar Analytics)
- Minimal Future Supply - Zero Projects Underway in Midtown with only 1 Planned Community (16% of Existing Inventory)
- Affluent Resident Base with $160,727 Average HHI Representing a Rent-to-Income Ratio of 18%