Multi-housing / PRS

Midtown 29 (sale)

180 NE 29th St Miami, Florida United States 33137-4425
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 2018
Building Area Net
Land Area Net ()
Number of units 309

Property description

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.

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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.

 

Investment highlights

  • 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%


Last Updated Date: 07 Dec 2021

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PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

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Last Updated Date: 07 Dec 2021

Do you have any questions?  Visit our FAQ page

The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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