MultifamilyUnder Contractrecapitalization

Havana Enclave

315 NW 27th Ave, Miami, FL·Apr 7, 2026, 9:27 PM

Deal Size

$1.4B

Cap Rate

—

$/SF

—

$/Unit

—

Occupancy

—

Market SignalBearish (strong/10)

The Havana Enclave project is transitioning from multifamily to affordable condos amid an oversupplied market, with occupancy rates dropping to 85% in some buildings. The lack of disclosed cap rate and occupancy metrics raises concerns about the investment's stability. Additionally, the median rent in Miami has decreased by 3% year-over-year, indicating weak demand, while the population in Miami-Dade County has shrunk by 10,000 people from 2024 to 2025, suggesting a declining tenant pool. Given these factors, the investment does not align with institutional-grade expectations for stability and growth potential.

Buyer Strategy

The buyer's strategy appears to be opportunistic, pivoting from multifamily to affordable condos in response to market conditions. This suggests a willingness to adapt to changing market dynamics, but it also indicates a reactive rather than proactive investment approach.

Market Signal

This deal reflects broader market challenges, including oversupply and declining population in Miami-Dade County. The pivot to affordable condos may signal a shift in developer strategies, but it raises concerns about the viability of new multifamily projects in a saturated market.

Financing

Loan

$36.0M

Parties

Broker

Coldwell Banker Realty

Sponsor

Astor Cos.

Location Analysis

Primary Market

Tourism and hospitality (Carnival Corporation, Royal Caribbean), healthcare (Jackson Health System), and finance (Bank of America)

Miami has experienced a population decline of 10,000 people between 2024 and 2025, indicating potential challenges in tenant demand. The median rent in Miami is currently $3,000 per month, down 3% from the previous year, reflecting a weakening rental market.

The Little Havana submarket is seeing increased competition with nearly 14,000 new multifamily units added in 2025, outpacing national averages. Competing properties are struggling with occupancy rates, with some buildings reporting as low as 85% occupancy.

The Miami-Dade County market has a robust supply pipeline, with 14,000 units added in 2025 and a projected increase of 5% through 2027, which is expected to outpace absorption rates, further saturating the market.

Rent Growth

Given the current median rent of $3,000 per month and a year-over-year decline of 3%, rent growth is projected to remain stagnant or decline further in the near term, especially with the oversupply of units.

Tenant Assessment

Mixed

Risk Factors

High oversupply of multifamily units leading to low occupancy rates and declining rents.

High

The buyer should conduct thorough market research to identify potential demand shifts and consider adjusting the project scope or pricing strategy to align with current market conditions.

Market Comparables

remaining BGO stake

Miami · Multifamily · acquisition

$1000.0M6.27% cap