Miami-based investor BC Caribbean, a partnership between investors from Guangdong, China and Vancouver, has tapped Cushman & Wakefield for the disposal of 78 condominium units at Caribbean Isle Villas in Homestead, FL. The 252-unit property was built in 2007 and is located less than one mile from Baptist Health’s Homestead Hospital at 2700 Pacific Boulevard NE. The bulk sale comprise 52 units, averaging 1,048 sqf, and 26 three bedroom units, averaging almost 1,200 sqf. The portfolio totals 85,575 sqf and are 100 percent occupied. The seller bought the condominiums for $5.22 million in January of 2012.
“There is a shortage of housing stock in Miami-Dade County that is less than 10 years in age and can be purchased for less than $250,000,” explained Calum Weaver, Cushman & Wakefield who reports comparable condominium sales in the market at $150 per square foot. “More families are moving to the Homestead market as it remains one of the only places to acquire or rent newer product at more favorable terms.”
