Frontal Trust Investment Management Acquires $22M Residential Portfolio in Homestead
Frontal Trust Investment Management purchases a residential portfolio in Homestead for $22 million from Alta Developers.
Frontal Trust Investment Management has acquired a residential portfolio in Homestead for $22 million from Alta Developers. The portfolio includes three properties located at 13244 Old Biscayne Drive, 920 Northeast 33rd Terrace, and 1490 Northeast 33rd Avenue. The properties are all located in Homestead, a city in Miami-Dade County, Florida.
The portfolio consists of 160 units with a mix of one, two, and three-bedroom apartments. The properties were built between 1972 and 1973 and have been well-maintained. The portfolio has a current occupancy rate of 95%.
Frontal Trust Investment Management is a real estate investment firm based in Miami. The company focuses on acquiring and managing multifamily properties in the Southeastern United States. Luis Felipe San Martín is the CEO of Frontal Trust Investment Management.
Alta Developers is a real estate development firm based in Miami. The company specializes in luxury residential and commercial properties. Raimundo Onetto is the CEO of Alta Developers.
The deal was brokered by Brad Williamson and Mitch Sinberg of Berkadia. Berkadia is a commercial real estate brokerage and financing firm based in New York. The firm has a strong presence in the Southeastern United States and specializes in multifamily properties.
The acquisition of this residential portfolio in Homestead is a strategic move for Frontal Trust Investment Management. The company has been actively acquiring multifamily properties in the Southeastern United States and this acquisition adds to their growing portfolio. The properties are well-located and have a strong occupancy rate, making them a solid investment for Frontal Trust Investment Management.
Overall, this deal highlights the continued demand for multifamily properties in the Southeastern United States. With strong fundamentals and a growing population, the region is an attractive market for real estate investors. As the market continues to evolve, we can expect to see more deals like this in the future.