Biscayne Bay - LoopNet...Biscayne Bay. Palmetto Station 271 Unit Mixed Use Development. Soleste...

Miami, FL 33157371 Unit | Eureka Development Site

Deme Mekras Elliot ShainbergCEO, Managing Partner Managing Partner

Direct: 786.671.0149 Direct: [email protected] [email protected]

Exclusively Listed By

Biscayne Bay

Palmetto Station271 Unit

Mixed Use Development

Soleste Palmetto Bay211 Unit

Planned Development

Sandpiper Village82 Unit

Planned Development

Atlantic Pacific Proposed Transit Oriented Development

Phase II

Eureka Residences SiteZoned for 371 Units, up to

15-stories

South Miami-Dade Busway

Homestead Ave

SW

184

th S

t/E

ure

ka D

r

SW 186th St/Q

uail Roost Dr

Sam MekrasInvestment AssociateDirect: 786.671.0154

[email protected]

Atlantic Pacific Proposed Transit Oriented Development Phase I

371 Units | Eureka Development Site

MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com|2 Follow Us

Table of Contents Confidentiality Disclaimer

This is a confidential Offering Memorandum intended solely for your limited use and benefit in de-termining whether you desire to express further interest into the acquisition of the Subject Property. This Offering Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a pur-chase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or MSP Group ,LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approxima-tions. Additional information and an oppor-tunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or MSP Group, LLC. , nor any of their respective directors, offi-cers, affiliates or representatives are making any representation or warranty, expressed or im-plied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you are to rely solely on your own inves-tigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Mem-orandum. The Owner shall have no legal commit-ment or obligation to any entity review-ing this Offering Memoran-dum or making an offer to purchase the Prop-erty unless and un-til written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived. By receipt of the Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or MSP Group, LLC. Furthermore , you agree not to use this Offering Mem-oran-dum or any of its con-tents in a manner detrimental to the interest of the Owner or MSP Group, LLC. In this Offering Memorandum, certain documents, including leases and other materi-als, are de-scribed in summary form. These summaries do not purport to be complete nor necessarily accu-rate descriptions of the full agreements referenced. Interested parties are so advised and expect-ed to review all such summaries and other documents of whatever nature independently and not to rely on `the contents of this Offering Memoran-dum in any manner.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MSP Group, LLC AGENT FOR MORE DETAILS

Property Description................................................................................

Land Sales Comparables.........................................................................

Rent Comparables...................................................................................

Multifamily Sales Comparables..............................................................

About MSP Group...................................................................................

3

12

17

25

30



Property Description



Property Description

More Details

Description

Property Name:Address:

City, State Zip:County:

Folio:

Units:Lot Size (SF):

Year Built:# of Stories:

Eureka Residences Site10208 Eureka DriveMiami, FL 33157Miami-Dade30-6005-001-0271 and 14 others371 (Proposed)106,286TBDMin of 3, Max of 15

Eureka Residences is a development site that allows for up to 371 multifamily units on approximately 2.44 acres. The site is at the southwest corner of Eureka Drive (aka SW 184th Street) and Homestead Avenue. US-1, about 900’ to the east, is one of the most heavily trafficked north/south thoroughfares in all of Miami-Dade county. The South Miami-Dade Busway is about 400’ to the east and runs parallel to US-1. The Busway offers the future tenants of the Eureka Residences easy ac-cess to the Metro Rail’s Dadeland station about 6.5 miles north, making it a viable residence for tenants that work in Miami’s urban core. 1 mile west on Eureka Drive is an on-off ramp to the Florida Turnpike; further enhancing accessibility for tenants working in Dade, Broward and Monroe Counties. In addition to excellent access to jobs in and outside the immediate area, the site is ideally situated in close proximity

to numerous other employers such as Publix (walking distance), Walgreens, Home Depot, City Furniture and Bank of America to name a few. The 2.44 acre site was recently rezoned, calling for a minimum of 3 and a maximum of 15 stories and a max density of 371 units. The Eureka Residences site offers developers an exciting opportunity with a critical mass of units in a densely populated and growing area. This point is accented by the two new A-Class apartment building rentals just to east of the property; the 271-unit Palmetto Station (currently in lease up) and the 200-unit Soleste Village (already topped off).



List Price:Buildable Units:

Price/Buildable Unit:Acres:

Price/Acre:

$3,250,000371$8,7602.44 +/-$1,331,967


15-stories



SW 184th St/Eureka DR

Hom

este

ad A

ve

Sout

h M

iam

i-Dad

e B

usw

ay


15-stories



SW

184th St/E

ureka Dr

Homestead Ave

SW 186th St/Quail Roost Dr

W

Exit 13

1 Mile to Exit 13


15-stories



SW 184th St/Eureka Dr

N

So

uth

Mia

mi-D

ad

e B

usw

ay

Dadeland South Metro Rail Station 6.5 Miles

From Site

Downtown Miami

6.5 Miles to D

adeland South


15-stories



SW

184

th S

t/E

ure

ka D

r

Homestead Ave SW 186th St/Q

uail Roost Dr

Biscayne Bay

Palmetto Station271 Unit

Mixed Use Development

Soleste Palmetto Bay211 Unit

Planned Development

Sandpiper Village82 Unit

Planned Development


Phase II

E


15-stories



Phase I



SW

184

th S

t/E

ure

ka D

r

Homestead Ave


Biscayne Bay

E


15-stories



SW 184th St/Eureka Dr

S


Homestead Ave

Corporate Office

South Dade Governemnt Center Complex

South DadeCultural Arts Center


15-stories



Land Sales Comparables



Land Sales Map

Palmetto Station

Soleste Palmetto Bay

Sandpiper Village

Parkview at Palmetto Bay

1.

2.

3.

4.

Eureka Residences Site

2

3

4

1

Legend



Land Sales Graphs

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

Price Per Acre

$2,294,590Average

$0.00

$5,000.00

$10,000.00

$15,000.00

$20,000.00

$25,000.00

$30,000.00

$35,000.00

$40,000.00

$45,000.00

$50,000.00

Price Per Buildable Unit

$32,009Average




Subject

Sales Comparable 2

Sales Comparable 1

Sales Comparable 3

Price:Units:

Sale Date:

Price:Units:

Sale Date:

Price:Units:

Sale Date:

Price:Units:

Sale Date:

$3,250,000371On Market

$4,400,0002112/15/2018

$7,800,0002717/25/2016

$2,800,0008212/15/2017

Acres:Price/Acre:

Price/Buildable Unit:

Property:

Property:

Property:

Property:

2.44$1,331,967$8,760

1.99$2,206,204$20,853

3.98$1,958,746$28,782

1.34$2,094,986$34,146

Eureka Residences Site10208 Eureka Drive Miami, FL 33157

Soleste Palmetto Bay 18301 S Dixie Highway Miami, FL 33157

Palmetto Station17945 SW 97th AvenuePalmetto Bay, FL 33157

Sandpiper Village9700 E Indigo StreetPalmetto Bay, FL 33157

Comments:

Comments:

Comments:

Comments:

Unit Type

Total Average:

Unit Type

Total Average:

Unit Type

Total Average:

Unit Type

Total Average:

#

#

#

#

SF

SF

SF

SF

Acres:Price/Acre:


Acres:Price/Acre:


Acres:Price/Acre:




Sales Comparable 4

Sales Comparable 6

Sales Comparable 5

Price:Units:

Sale Date:

Price:Units:

Sale Date:

$1,800,000206/30/2017

$2,716,050447/27/2017

Year Built:Price per Unit:

Price per SF:


Price per SF:

Property:

Property:

Property:

1970$90,000$142

1949-52$61,728$104

Parkview at Palmetto Bay 9500 SW 174th StreetPalmetto Bay, FL 33157

Antonio Apts Alarm Lines 14100 NW 6th Court North Miami, FL 33168

1541 NW 1st Place Miami, FL 33136

Comments:Site plan approved.

Comments:

Comments:

Unit Type

Total Average:

Unit Type1 Bed 1 Bath

Total Average:

Unit Type1 Bed 1 Bath2 Bed 1 Bath

Total Average:

#

#20

20

#N/AN/A

44

SF

SF634

12,674

SFN/AN/A

26,037

Sales Comparable 7

Price:Units:

Sale Date:

$1,170,000285/30/2017


Price per SF:

Property:

1953$41,786$117

Pequena Habana 1601 NW 62nd Street Miami, FL 33147

Comments:

Unit TypeStudio

1 Bed 1 Bath

Total Average:

#1414

28

SFN/AN/A

10,038

Price:Units:

Sale Date:

$10,400,000235On Market

Acres:Price/Acre:


3.56$2,918,424$44,255




Rent Comparables



Rent Map

Atlantico at Kendall The Park at Kendall Azura Emerald Palms Vista Verde at Deerwood The Park at Sheffield

Palmetto Station

1.

2.

3.

4.

5.

6.

7.


2

3

4

5

6

1

Legend

7



Rent Graphs

0%10%20%30%40%50%60%70%80%90%

100%

Occupancy Rate

82%Average

0

200

400

600

800

1,000

1,200

Average Unit Size

963Average

$0

$500

$1,000

$1,500

$2,000

$2,500

Average Rent

$1,692Average

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

Average Rent Per SF

$1.79Average

*Emerald Palms is in the midst of a renovation.



Rent Sort

Unit Type 1 Unit Type 2Property Name Unit Type # SF Asking Rent Rent/SF Property Name Unit Type # SF Asking Rent Rent/SFAzura 1 Bed 1 Bath D 24 861 $1,900 $2.21 Palmetto Station 2 Bed 2 Bath N/A 1,105 $2,525 $2.09Palmetto Station 1 Bed 1 Bath N/A 769 $1,785 $2.13 Palmetto Station 2 Bed 2 Bath N/A 1,279 $2,500 $1.79Palmetto Station 1 Bed 1 Bath N/A 740 $1,755 $2.17 Palmetto Station 2 Bed 2 Bath N/A 1,153 $2,465 $1.96Azura 1 Bed 1 Bath 48 740 $1,741 $2.35 Palmetto Station 2 Bed 2 Bath N/A 1,152 $2,145 $1.71Palmetto Station 1 Bed 1 Bath N/A 674 $1,675 $2.28 Palmetto Station 2 Bed 2 Bath N/A 1,124 $2,140 $1.75Azura 1 Bed 1 Bath 36 763 $1,660 $2.18 Azura 2 Bed 2 Bath 36 1,168 $2,113 $1.81Emerald Palms 1 Bed 1 Bath N/A 730 $1,463 $2.00 Azura 2 Bed 2 Bath 72 1,112 $2,101 $1.89Atlantico at Kendall 1 Bed 1 Bath D 60 876 $1,441 $1.65 Palmetto Station 2 Bed 2 Bath N/A 1,104 $2,070 $1.72Atlantico at Kendall 1 Bed 1 Bath 52 731 $1,367 $1.87 Palmetto Station 2 Bed 2 Bath N/A 1,047 $2,065 $1.81Vista Verde at Deerwood 1 Bed 1 Bath 32 698 $1,355 $1.94 Palmetto Station 2 Bed 2 Bath N/A 1,053 $2,065 $1.80The Park at Sheffield 1 Bed 1 Bath 214 576 $1,249 $2.17 Palmetto Station 2 Bed 2 Bath N/A 1,095 $2,055 $1.72The Park at Sheffield Studio 68 288 $959 $3.33 Emerald Palms 2 Bed 2 Bath N/A 980 $1,762 $1.80

Average 704 $1,529 $2.19 Emerald Palms 2 Bed 2.5 Bath N/A 1,157 $1,762 $1.52Vista Verde at Deerwood 2 Bed 2 Bath 72 1,021 $1,695 $1.66

Unit Type 3 Atlantico at Kendall 2 Bed 2 Bath D 72 1,182 $1,676 $1.42Property Name Unit Type # SF Asking Rent Rent/SF The Park at Kendall 2 Bed 2 Bath D 60 1,253 $1,627 $1.30Palmetto Station 3 Bed 2 Bath N/A 1,351 $2,955 $2.00 Atlantico at Kendall 2 Bed 2 Bath 90 1,067 $1,606 $1.51Palmetto Station 3 Bed 2 Bath N/A 1,389 $2,880 $1.90 The Park at Sheffield 2 Bed 2 Bath 16 874 $1,549 $1.77Azura 3 Bed 2 Bath 24 1,358 $2,532 $1.86 The Park at Kendall 2 Bed 2 Bath 76 1,141 $1,543 $1.35Atlantico at Kendall 3 Bed 2 Bath 48 1,266 $1,854 $1.46 Vista Verde at Deerwood 2 Bed 2 Bath 72 943 $1,500 $1.59Emerald Palms 3 Bed 3.5 Bath N/A 1,290 $1,839 $1.43 The Park at Sheffield 2 Bed 1 Bath 11 864 $1,439 $1.67Vista Verde at Deerwood 3 Bed 2 Bath 32 1,176 $1,795 $1.53 Average 1,089 $1,924 $1.70The Park at Kendall 3 Bed 2 Bath 48 1,371 $1,785 $1.30

Average 1,314 $2,234 $1.64



Rent/SF Sort

Unit Type 1 Unit Type 2Property Name Unit Type # SF Asking Rent Rent/SF Property Name Unit Type # SF Asking Rent Rent/SFThe Park at Sheffield Studio 68 288 $959 $3.33 Palmetto Station 2 Bed 2 Bath N/A 1,105 $2,525 $2.09Azura 1 Bed 1 Bath 48 740 $1,741 $2.35 Palmetto Station 2 Bed 2 Bath N/A 1,153 $2,465 $1.96Palmetto Station 1 Bed 1 Bath N/A 674 $1,675 $2.28 Azura 2 Bed 2 Bath 72 1,112 $2,101 $1.89Azura 1 Bed 1 Bath D 24 861 $1,900 $2.21 Azura 2 Bed 2 Bath 36 1,168 $2,113 $1.81Azura 1 Bed 1 Bath 36 763 $1,660 $2.18 Palmetto Station 2 Bed 2 Bath N/A 1,047 $2,065 $1.81Palmetto Station 1 Bed 1 Bath N/A 740 $1,755 $2.17 Emerald Palms 2 Bed 2 Bath N/A 980 $1,762 $1.80The Park at Sheffield 1 Bed 1 Bath 214 576 $1,249 $2.17 Palmetto Station 2 Bed 2 Bath N/A 1,053 $2,065 $1.80Palmetto Station 1 Bed 1 Bath N/A 769 $1,785 $2.13 Palmetto Station 2 Bed 2 Bath N/A 1,279 $2,500 $1.79Emerald Palms 1 Bed 1 Bath N/A 730 $1,463 $2.00 The Park at Sheffield 2 Bed 2 Bath 16 874 $1,549 $1.77Vista Verde at Deerwood 1 Bed 1 Bath 32 698 $1,355 $1.94 Palmetto Station 2 Bed 2 Bath N/A 1,124 $2,140 $1.75Atlantico at Kendall 1 Bed 1 Bath 52 731 $1,367 $1.87 Palmetto Station 2 Bed 2 Bath N/A 1,095 $2,055 $1.72Atlantico at Kendall 1 Bed 1 Bath D 60 876 $1,441 $1.65 Palmetto Station 2 Bed 2 Bath N/A 1,104 $2,070 $1.72

Average 704 $1,529 $2.19 Palmetto Station 2 Bed 2 Bath N/A 1,152 $2,145 $1.71The Park at Sheffield 2 Bed 1 Bath 11 864 $1,439 $1.67

Unit Type 3 Vista Verde at Deerwood 2 Bed 2 Bath 72 1,021 $1,695 $1.66Property Name Unit Type # SF Asking Rent Rent/SF Vista Verde at Deerwood 2 Bed 2 Bath 72 943 $1,500 $1.59Palmetto Station 3 Bed 2 Bath N/A 1,351 $2,955 $2.00 Emerald Palms 2 Bed 2.5 Bath N/A 1,157 $1,762 $1.52Palmetto Station 3 Bed 2 Bath N/A 1,389 $2,880 $1.90 Atlantico at Kendall 2 Bed 2 Bath 90 1,067 $1,606 $1.51Azura 3 Bed 2 Bath 24 1,358 $2,532 $1.86 Atlantico at Kendall 2 Bed 2 Bath D 72 1,182 $1,676 $1.42Vista Verde at Deerwood 3 Bed 2 Bath 32 1,176 $1,795 $1.53 The Park at Kendall 2 Bed 2 Bath 76 1,141 $1,543 $1.35Atlantico at Kendall 3 Bed 2 Bath 48 1,266 $1,854 $1.46 The Park at Kendall 2 Bed 2 Bath D 60 1,253 $1,627 $1.30Emerald Palms 3 Bed 3.5 Bath N/A 1,290 $1,839 $1.43 Average 1,089 $1,924 $1.70The Park at Kendall 3 Bed 2 Bath 48 1,371 $1,785 $1.30

Average 1,314 $2,234 $1.64



Rent Comparables

Eureka Residences Site 10208 Eureka Drive

Miami, FL 33157

Atlantico at Kendall16824 SW 137th Avenue

Miami, FL 33177

The Park at Kendall16480 SW 137th Avenue

Miami, FL 33177

Total Units: 371Occupancy: TBDYear built: TBD

Total Units: 322Occupancy: 95%Year built: 2016


Tenants are responsible for all utilities. Below rent has been adjusted to reflect 1 month free if a 14 month lease is signed along with a $25 monthly valet trash fee.

Tenants are responsible for all utilities. Below rent has been adjusted to reflect 1 month free if a 14 month lease is signed along with a $25 monthly valet trash fee.

Unit Type Unit Type1 Bed 1 Bath

1 Bed 1 Bath D2 Bed 2 Bath





Total Average: 371

# #5260907248

#4072766048

Av. SF Av. SF731876

106711821266

Av. SF806879

114112531371

Rent Rent$1,367$1,441$1,606$1,676$1,854

Rent$1,358$1,399$1,543$1,627$1,785

Rent/SF Rent/SF$1.87$1.65$1.51$1.42$1.46

Rent/SF$1.68$1.59$1.35$1.30$1.30

Subject Rent Comparable 1 Rent Comparable 2

Total Average: 322 1,033 $1,589 $1.54 Total Average: 296 1,092 $1,539 1.41



Rent Comparables

Azura 12755 SW 136th Street

Miami, FL 33186

Emerald Palms 12325 SW 151st Street

Miami, FL 33186

Vista Verde at Deerwood13911 SW 122nd Avenue

Miami, FL 33186


Total Units: 505Occupancy: N/A

Year built: 1985/88/04


Tenants are responsible for all utilities. Below rent has been adjusted to reflect 1 month free if lease is signed before March with a $25 monthly valet trash fee.

Tenants are responsible for all utilities. Below rents are rents for renovated units. Property is currently undergo-ing a major renovation effort.

Tenants are responsible for all utilities. Below rents are for renovated units.


1 Bed 1 Bath D2 Bed 2 Bath2 Bed 2 Bath3 Bed 2 Bath

Unit Type1 Bed 1 Bath1 Bed 1 Bath1 Bed 1 Bath1 Bed 1 Bath2 Bed 2 Bath2 Bed 2 Bath2 Bed 2 Bath2 Bed 2 Bath2 Bed 2 Bath

2 Bed 1.5 Bath2 Bed 2 Bath

3 Bed 2.5 Bath3 Bed 2 Bath

Unit Type1 Bed 1 Bath 2 Bed 2 Bath2 Bed 2 Bath3 Bed 2 Bath

#483624723624

#142126

18174

42

181220562714

#32727232

Av. SF730763861

111211681358

Av. SF730711721731980924

1047107311391009115712901329

Av. SF698943

10211176

Rent$1,489$1,535$1,627$1,812$1,858$2,227

Rent$1,341$1,356$1,419$1,356$1,658$1,620$1,784$1,830$1,860$1,663$1,780$2,036$2,105

Rent$1,350$1,595$1,695$1,810

Rent/SF$2.04$2.01$1.89$1.63$1.59$1.64

Rent/SF$1.84$1.91$1.97$1.85$1.69$1.75$1.70$1.71$1.63$1.65$1.54$1.58$1.58

Rent/SF$1.93$1.69$1.66$1.54

Rent Comparable 3 Rent Comparable 4 Rent Comparable 5

Total Average: 240 991 $1,736 $1.75Total Average: 505 1,045 $1,678 $1.61

Total Average: 208 968 $1,625 $1.68



Rent Comparables

The Park at Sheffield 15601 SW 137th Avenue

Miami, FL 33177

Palmetto Station17945 SW 97th Avenue

Miami, FL 33333

Venice by Garco3485 NE 5th Street

Homestead, FL 33035




Rent includes water. Below rent has been adjusted down by $30 for studios, $40 for 1 bedroom units and $50 for 2 bedroom units to reflect water expense. Cardinal con-struction that is being renovated with vinyl floors, formica counter tops and black appliances.

Tenants are responsible for all utilties. Property in lease up, currently offering 1 month free off the below rents.

Unit TypeStudio

1 Bed 1 Bath2 Bed 1 Bath2 Bed 2 Bath

Unit Type1 Bed 1 Bath 1 Bed 1 Bath 1 Bed 1 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 2 Bed 2 Bath 3 Bed 2 Bath 3 Bed 2 Bath


#68

2141116

#N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

#12040

Av. SF288576864874

Av. SF674740769

10471053109511041105112411521153127913511389

Av. SF937

1172

Rent$959

$1,249$1,439$1,549

Rent$1,675$1,755$1,785$2,065$2,065$2,055$2,070$2,525$2,140$2,145$2,465$2,500$2,955$2,880

Rent$1,303$1,463

Rent/SF$3.33$2.17$1.67$1.77

Rent/SF$2.28$2.17$2.13$1.81$1.80$1.72$1.72$2.09$1.75$1.71$1.96$1.79$2.00$1.90

Rent/SF$1.39$1.25

Rent Comparable 6 Rent Comparable 7 Sales Comparable 8

Total Average: 309 538 $1,207 $2.24

Total Average: 271 1,074 $2,220 $2.07

Total Average: 137 677 $1,1015 $1.50



Multifamily Sales Comparables



Sales Map

Signature at Kendall II

Signature at Kendall

District West Gables II

Manor City Place Doral

Soleste Club Prado

District West Gables

1.

2.

3.

4.

5.

6.


2

3

4

5

6

1

Legend



Sales Graphs

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

Signature at Kendall II Signature at Kendall District West Gables II Manor City Place Doral Soleste Club Prado District West Gables

Price Per Unit

$286,810Average

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Signature at Kendall II Signature at Kendall District West Gables II Manor City Place Doral Soleste Club Prado District West Gables

Approximate Cap Rate

4.55%Average

*Note below average does not include District West Gables II that was sold vacant.



Sales Comparables

Sales Comparable 2

Sales Comparable 1

Sales Comparable 3

Price:Units:

Sale Date:

Price:Units:

Sale Date:

Price:Units:

Sale Date:

$96,945,70039612/15/2017

$41,979,40015012/15/2017

$59,043,50022110/20/2017

Property:

Property:

Property:

2016$244,812$242

2017$279,863$275

2017$267,165$305

Signature at Kendall8881 SW 172nd Avenue Miami, FL 33196

Signature at Kendall II8940 SW 172nd Avenue Miami, FL 33196

District West Gables II2001 SW 67th Avenue West Miami, FL 33155

Comments:Approximate average rent = $1,631 Approximate average rent/SF = $1.61Average unit size = 1,013 SF Approximate cap rate = 4.12%

Comments:Approximate average rent = $1,771 Approximate average rent/SF = $1.74Average unit size = 1,018 SF Approximate cap rate = 4.17%

Comments: Property sold vacant. Approximate average rent = $0 Approximate average rent/SF = $0Average unit size = 875 SF Approximate cap rate = N/A (property sold vacant)

Unit Type 1 Bed 1 Bath 2 Bed 2 Bath 3 Bed 2 Bath

Total Average:


1 Bed 1 Bath D2 Bed 2 Bath 3 Bed 2 Bath

Total Average:

Unit Type

Total Average:

#15618060

396

#27485124

150

#

221

SF802

1,1111,266

401,052

SF767859

1,1291,384

152,736

SF

193,375

Year Built:Price/Unit: Price/SF:



Subject

Price:Units:

Sale Date:

$3,250,000371On Market

Year Built:Price/Buildable Unit:

Price/Rentable SF:

Property:

TDB$8,760

Eureka Residences Site10208 Eureka Drive Miami, FL 33157

Comments: Acres = 2.44 +/-

Unit Type

Total Average:

#

371

SF



Sales Comparables

Sales Comparable 6

Sales Comparable 5

Sales Comparable 7

Price:Units:

Sale Date:

Price:Units:

Sale Date:

Price:Units:

Sale Date:

$57,391,0002068/1/2016

$61,000,0001966/8/2017

$59,043,50022110/20/2017

Property:

Property:

Property:

2015$278,597$318

2016$311,224$361

2017$267,165$305

District West Gables 2101 SW 67th Avenue Miami, FL 33155

Soleste Club Pardo950 SW 57th Avenue West Miami, FL 33144

District West Gables II2001 SW 67th Avenue West Miami, FL 33155

Comments:Approximate average rent = $1,921 Approximate average rent/SF = $2.20Average unit size = 875 SF Approximate cap rate = 4.63%


Comments: Property sold vacant. Approximate average rent = $0 Approximate average rent/SF = $0Average unit size = 875 SF Approximate cap rate = see comment above

Unit TypeLive Work

1 Bed 1 Bath1 Bed 1 Bath D2 Bed 1 Bath 2 Bed 2 Bath


Total Average:


1 Bed 1 Bath D2 Bed 2 Bath 3 Bed 2 Bath

Total Average:

Unit Type

Total Average:

#8

11225

6676

206

#954

8314

196

#

221

SF946756848895994

1,3151,175

180,270

SF695934963

1,370

168,870

SF

193,375




Sales Comparable 4

Price:Units:

Sale Date:

$135,000,0003988/28/2017


Property:

2015$339,196$359

Manor City Place Doral 3450 NW 85th Court Doral, FL 33122


Unit Type 1 Bed 1 Bath 1 Bed 1 Bath 2 Bed 1 Bath 2 Bed 2 Bath 3 Bed 2 Bath

Total Average:

#24

17236

13630

398

SF547740

1,0061,1571,395

375,826



About MSP Group



About MSP Group

Integrity | Service | ResultsTo date, the duo of Deme Mekras and Elliot Shainberg have closed nearly $700,000,000 and more than 10,000 units in their careers. Deme and Elliot each began their professional careers in different parts of the country and in different industries, but both began in sales. They learned that hard work and tenacity lead to results. While Deme was selling telecommunications services to small businesses in Miami, Elliot sold payroll solutions to small and medium sized businesses in New York City. Both recent college gradu-ates, they spent their days pounding the phones, beating the pavement and literally knocking on doors.

After proving themselves in competitive markets, they turned their attention to real estate, which quickly became their passion. When they each entered the real estate business, neither knew the other existed, but both were hun-gry to learn and develop. This ambition and thirst for knowledge lead them to entry level positions at Marcus & Millichap, one of the world’s largest commercial brokerage houses. Elliot started with Marcus & Millichap in New York and Deme in Ft. Lauderdale. Shortly after marrying his wife, a South Florida native, Elliot moved to South Florida and joined the Ft. Lauderdale office. Deme and Elliot spent the next 10 years at the firm, earning numer-

ous sales awards, receiving several promotions and helped found the Miami office prior to their departure in 2012.

In late 2012, Deme was recruited at the partner level to join Franklin Street, based in Tampa. Deme agreed to open the firm’s Miami office and did so by bringing his team of 4 professionals over with him. Over the next two years, Deme and Elliot established the firm’s brand in the South Florida multifamily sales arena by closing more than $150,000,000 in deals. Despite their suc-cess at Franklin Street, the time had come for them to spread their wings and launch their own enterprise. In 2015, Deme and Elliot founded MSP Group and were off to the races.

They set out to make MSP Group the most trusted brand in South Florida commercial real estate. To accomplish their mission, they needed a plat-form that would allow them to truly serve their clients, free from conflicting corporate agendas and toxic work environments. Having left all of the in-fighting, office politics and bureaucracy behind, Deme and Elliot were free to focus on what they do best…Delivering best-in-class results for their clients!

MSP Group LLC is South Florida’s Premier Commercial Real Estate Brokerage House.



Team Biographies

Deme is the visionary and Chief Executive Officer at MSP Group. He is an expert in the multifamily arena and has closed nearly 10,000 units in his career as well as numerous commercial proper-ties and developable land. A dedicated specialist, Deme has a firm command over all aspects of the multifamily business and enjoys a stellar reputation in the market.

A Miami native, Deme grew up in the areas of Coral Gables and Coconut Grove. He attended Ransom Everglades middle and high schools before graduating from Coral Gables Senior High. He then attended Southern Methodist University (SMU) where he earned his Bachelors in Business Administration, majoring in Organiza-tional Behavior and Business Policy with a double minor in Span-ish and Latin American Studies. Deme is fluent in Spanish which vastly enhances his relationship with his Latin American clientele.

After finishing at SMU in Dallas, Deme returned home to Miami to begin his professional career. He gained valuable experience in a variety of industries ranging from aviation to telecom. During his time as a salesperson in the telecom industry, Deme’s determina-tion and tenacity made him a consistent performer. His last sales position in the tech world was at MCI/Worldcom. Fortunately, he had earned his salespersons license in 2001 and closed his first commercial real estate transaction just as the dot com crash was unfolding.

Having closed the telecom chapter of his career, Deme pursued his calling in the real estate business. After a brief stint at CBRE, he joined the ranks at Marcus & Millichap in Ft. Lauderdale, where he earned the esteemed Rookie of the Year award in 2003. Later he became a founding member of the firm’s Miami office which opened in 2005. Prior to his departure from Marcus & Millichap in 2012, Deme was recognized by the firm numerous times for his performance, including receiving the prestigious National Sales Achievement Award multiple times and earning the title of Vice President of Investment Sales.

He was pulled away from Marcus & Millichap in late 2012 after being recruited at the partner level to join Franklin Street. Deme brought his entire team with him and opened Franklin Street’s Mi-ami office. Over the next 2 years, they put the previously un-recog-nized brand on the map in South Florida by closing $150,000,000 in deals under the Franklin Street flag.

An entrepreneur at heart, going out on his own was a natural evolution for Deme. In March of 2015, Deme and co-founder, Elliot Shainberg, launched MSP Group. Through their hard work and an unwavering commitment to their founding principles, the company surpassed $100,000,000 in sales and closed over 900 units in the first full calendar year; and the rest is history…in the making!

Southern Methodist University• BBA in Organizational Behavior and Business Policy, 1998• Double Minor Spanish and Latin American Studies• Licensed Real Estate Broker - Florida

• Surpassed $600 Million in Closed Deals• Nearly 10,000 units Closed• Power Leader - South Florida Business Journal, 2014• Sales Achievement Award - Franklin Street, 2014• Company Sales Plaque—Marcus & Millichap, 2005,2006, 2012• Seven-Figure Club—Marcus & Millichap, 2009-2012

Deme Mekras - CEO, Managing Partner

Education Sales Achievements / Awards

Deme MekrasCEO, Managing Partner

(786) 208-2684 – Mobile(786) 671-0149 – Direct

[email protected]



Team Biographies

Elliot is a Co-Founder and Managing Partner of MSP Group. He has been in the multifamily business in South FL since late 2003 and has closed on the sale of nearly 7,000 multifamily and frac-tured condominium units in his career. Dedicat-ed to maximum performance for their clients, Elliot and his business partner Deme Mekras, have built a reputation on putting their Clients’ need first and foremost while being aggressive and creative deal makers. A Los Angeles, California native, Elliot also spent time living in the New York City area prior to moving to South Florida with his wife in 2003. He attended Yeshiva University in New York City where he earned his Bachelor degree, majoring in Political Science.

Prior to getting into the real estate business Elliot received multi-ple sales achievement awards selling payroll related services for Compupay in Midtown Manhattan from 1999 to 2002. In 2003 and while still in New York, he entered the real estate industry and gained valuable experience in property management and then multifamily investment sales for Marcus and Millichap. Elliot transferred to the firm’s Ft. Lauderdale office in 2003, where he focused on multifamily sales in Dade and Broward counties. Later he became a founding member of the firm’s Miami office which opened in 2005 and was the firm’s top selling multifamily agent in their Miami office during the economic downturn of 2009, again proving his mettle.

He was pulled away from Marcus & Millichap in late 2012 after be-ing recruited with Deme Mekras to join Franklin Street. Elliot and Deme put the previously unrecognized brand on the map in South Florida by closing $150,000,000 in deals under the Franklin Street flag between January 2013 and March of 2015.

With 12 years of experience under his belt from large and mid-size commercial real estate firms the next logical step for Elliot’s career was to co-found MSP Group, which he did in 2015. Since opening MSP Group, Elliot and Deme have flourished and repeatedly take business from national and global competitors by cherishing their client relationships and leveraging their deep market knowledge. Their work ethic and commitment to their clients is punctuated by the more than $100,000,000 and 900 units in closed deals achieved in the first full calendar year since MSP Group launched in 2015. The future is bright at MSP Group as the firm continues to build on its core principals of success!

Yeshiva University• BA in Political Science• Licensed Real Estate Salesperson - Florida

• Surpassed $370 Million in career closings• Nearly 7,000 Units Closed• Sales Achievement Award - Franklin Street, 2014• #1 Agent Marcus & Millichap Miami Office—2009

Education Sales Achievements / Awards

Elliot ShainbergManaging Partner

(917) 992-6189 – Mobile(786) 671-0151 – Direct

[email protected]

Elliot Shainberg - Managing Partner



Team Biographies

In addition to being a founding member of MSP Group, Sam was instrumental in developing MSP Group’s proprietary financial mod-els, proposal templates and marketing materials. As MSP Group has progressed out of the start-up phase, Sam is an integral part of the MSP Group sales team, focusing on multifamily properties between 10 and 50 units in South Florida.

While Sam was born in Durham, North Carolina, he returned to his family roots, moving to Miami just before Hurricane Andrew in 1992. Both of Sam’s parents being Miami natives and strong family ties brought them back to Miami. Sam grew up in the South Miami area, attending Kenwood K-8 Center and later graduated from Florida Christian School.

He then went on to study at Florida International University (FIU) where he earned a Bachelors of Business Administration, majoring in Finance. Sam completed his post graduate studies at FIU and obtained a Master of Science in Finance; earning a 3.8 grade point average while shouldering a full time work load as a Senior Analyst at Franklin Street.

Prior to Franklin Street, Sam began his real estate career with a brief stint at Marcus & Millichap, assisting MSP Group CEO, Deme Mekras in all business functions. Sam logged a combined 3 years at Marcus & Millichap and Franklin Street, where he gained valu-able experience, underwriting close to $500,000,000 of multifamily properties and helping to fa-cilitate the teams’ pipeline of closings. Sam’s integrity, knowledge of finance, mastery of Microsoft Excel and rigorous work ethic make him an invaluable asset to MSP Group.

Florida International University• Master Science of Finance, 2014• BBA in Finance, 2013• Licensed Real Estate Salesperson - Florida

Education

Sam MekrasInvestment Associate

(786) 417-3709 – Mobile(786) 671-0154 – Direct

[email protected]

Sam Mekras - Investment Associate



Our Team

Deme MekrasCEO, Managing Partner

Cristy FranyieTransaction and Marketing Coordinator

Sam MekrasInvestment Associate

Elliot ShainbergManaging Partner

Eddie BustamanteFinancial Analyst



Our Advantage

Integrity | Service | Results Sales Volume

Specialization | Expert Analysis

The three pillars of INTEGRITY | SERVICE | RESULTS are the foundation on which MSP Group was born and the philosophy that every member of our team is committed to. MSP Group’s success is obviously not due to our size, but rather an unwavering commitment to our mantra that “the Client’s agenda is the ONLY agenda.”

MSP Group founders, Deme Mekras and Elliot Shainberg, share their deep experience, market knowledge and industry relationships with their clients. Over the last 14 years, they have closed more than $700,000,000 and 10,000 units in multifamily sales.

MSP Group Clients benefit from expert valuations because we are multifamily specialists. We are acutely aware of market trends, submarket nuances and most importantly, current buyer demand. Our extensive network of active buy-ers, deep relationships with local, regional and national lenders all contribute to our ability to get even the toughest of deals closed.

$700

,000

,000

10,0

00

$ Volume Closed # of Units Sold



Lender Network

Unlike Our Competitors Msp Group’s Wide Ranging Investor Pool

We pride ourselves on demonstrating genuine care about our Clients’ individ-ual circumstances and objectives. Whether you are a private investor or a billion dollar fund manager, MSP has the knowledge and experience to ser-vice your business. Because our approach is a holistic one, we understand that “sell now” isn’t always the best answer (when’s the last time you heard a broker say that!?!?).

MSP Group maintains relationships with many local, regional, and national lenders that play a critical role in the liquidity of the apartment market.

How We Get Maximum Results

Over the last 15 years MSP Group founders, Deme Mekras and Elliot Shain-berg, have closed more than $650,000,000 and 9,800 units in multifamily sales. MSP Group’s unmatched work ethic and experience consistently de-livers best-in-class results to our Clients. Tailoring eachmarketing campaign to the subject Property and specific Client needs, we cast as wide of a net as possible to ensure market exposure that spans the globe and leaves no stone unturned.

25% 56%

19%

Out of State Local

International



Global Reach

The client’s agendaIs the only agenda

MSP Group maintains relationships with many local, regional, and national lenders that play a critical role in the liquidity of the apartment market.

Client’s Agenda

We broadly expose our listings to the market and often proactively market to the outside brokerage community. Many of our competitors keep their inventory in house and don’t expose it to the broader market. Some of them will tell you they “cooperate”, but what they don’t tell you is that they make cooperating brokers jump through hoops and divulge personal information about their Buyer before releasing information about the opportunity. This tactic helps our competitors keep more Seller-paid commissions in the pockets of the listing broker, but this is at the expense of the very Client they are supposed to be serving! At MSP Group, the Client’s agenda is the ONLY Agenda!



Client’s Testimonials

Both Deme and Elliot are extremely diligent and professional and

know how to get deals closed.

Freddy SayeghFreshwater Group LLC

Their tenacity and commitment to their

client...

David S. AllenRealty Financial Partners

We wanted to thank you for your guidance, patience

and proffesionalism in getting the deal done.

Andrew GordonStratford Management

A testament to your determined,

professional effort for which I am grateful.

Gary A. Tave, P.E.Managing Member

Deme and his staff went far above and

beyond the call of duty.

Howard E. Kurzweil, ESQ

I could not imagine a better person to

deal with than Deme Mekras.

Carlos ToscaPalmCorp Development

They promised us more value and they delivered. Our experience working with the MSP Group has

been exceptional.Sebastian Barbagallo

B&L Management Group

Deme is a rarity on the South Florida Real

Estate scene.

Elizabeth SargentSouth Florida Living

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/ MSPGroup

P +1 (786) 671-0155MSP Group LLC | 7480 Bird Road, PH 830, Miami, FL 33155 | www.MSPGroup.com

E [email protected]| F +1 (786) 364-1577 |

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