13224 Old Biscayne Drive
Old Biscayne Villas | 70-Unit Villa-Style | Value-Add Bulk Condominium
Marketing description
Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire 70 out of 114-units (61.4%) at Old Biscayne Villas (the “Property”), a value-add condominium community located in
Homestead, Florida (Miami-Dade County). The offering is comprised of 70, 2- and 3-bedroom units
which are averaging monthly rents of $2,078 ($1.94 PSF). The Buyer will inherit the Seller’s complete
control of the condominium association board, holding 100% of board seats (3 out of 3), allowing
for absolute management control and flexibility to execute a value-add business plan creating
significant mark-to-market rent growth potential.
The Property benefits from convenient access to both Florida's Turnpike (96,200 VPD; 2-min drive) and US-Hwy 1 (39,000 VPD; 5-min drive) providing connectivity to Miami’s most important employment hubs within a 30–45-minute drive.
With the highest concentration of millionaires in the U.S. (Miami New Times), Miami has undergone a
transformation that has come at a significant cost to its longtime residents. The sustained influx of high income earning individuals has rendered the Magic City increasingly unaffordable to locals, who now find themselves priced out of historically middle-class neighborhoods where single-family homes command prices ~$1 million. This trend is reshaping the immediate area: within a 1-mile radius of the Property, population has increased 16% since 2020, with 35% of households earning over $100,000 annually.
Investment highlights
- 100% HOA Control to Drive Value-Add Initiatives with Significant Mark-to-Market Potential: The Sponsor's complete control of the condominium association board (3 of 3 seats) enables new ownership to execute value-add initiatives independently, without requiring third-party approvals. These initiatives will allow the Buyer to command higher rents exceeding current in-place rates while still remaining at a discount to new vintage product.
- Renting vs. Owning – Biggest Delta on Record: New-construction 3-bed townhomes on Biscayne Dr (1-minute from the Property) are selling for $415,000 ($315 PSF). At a 20% down payment, monthly ownership costs reach $4,031—94% higher than renting at Old Biscayne Villas, where tenants save $1,953 per month or $23,432 annually.
- Miami’s Influx of Wealth & Talent Driving Home Prices: Old Biscayne Villas is located 30 minutes from Miami’s urban core which is being fueled by a massive influx of wealth and talent. The city's emergence as a global finance and tech hub, attracting firms like JP Morgan Chase, Citadel, and Goldman Sachs, Palantir and others is driving housing prices and pushing growth outwards.
- Growing Population & Economy with +$115,000 Avg. HHI: Miami was ranked as the 11th fastest growing city in 2024 reaching 2.74 million people. The average household income in Miami-Dade County is +$115,000 (38.2% higher than the national average). With more than 90% of the incoming supply catering to the luxury multi-housing segment, the need for market-rate multi product increases substantially. Furthermore, Florida is leading the nation in net in-migration and Miami's population is growing daily, the long-term stability of the region's multifamily market is exceptionally strong.
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