GLG Investments Selling Miami-Dade Portfolio for $45M
Venezuelan investors put a Miami-Dade County portfolio on the market for $44.9 million.
GLG Investments, led by José Luis Pereira, Roger Prunhuber and Augusto Granja, is listing the properties, consisting of 105 units, according to listing broker Houselab Realty.
Nathalie Azoubel and Sofia Silberman of Houselab are representing GLG.
The majority of the portfolio, or 103 units, consists of condos, apartments, townhouses and single-family homes in Miami, Hialeah, Hialeah Gardens, Doral, Miami Gardens, Opa-locka, North Miami, North Miami Beach and unincorporated Miami-Dade, according to records.
All units are leased, with roughly 75 percent of the homes rented to tenants who use Section 8 vouchers, according to Azoubel. GLG targeted voucher holders to ensure risk-free cash flow, tied to the government’s guarantee to cover rent for Section 8 housing. Over time, GLG started to rent units at market rates, as well.
“Our recommendation is to convert them all into open market rentals,” she said. “There is a potential upside of 30 percent in income just by switching to the open market.”
The portfolio includes three condos at Residencial El Prado Condominiums on the northeast corner of West 60th Street and West 28th Avenue in Hialeah; two units at the San Marco Condo on the northwest corner of West Flagler Street and Fontainebleau Boulevard in the Fontainebleau neighborhood; and a townhouse at Tuscan Lake Villas at 7481 Northwest 179th Street near Miami Gardens, according to a list of the real estate provided to The Real Deal.
One unit is at the Stonebridge Garden Condos at 2812 Northwest 55th Avenue in Broward County’s Lauderhill.
The portfolio also includes a 0.3-acre development site at 645 and 649 Northwest 65th Street in Miami. Existing zoning allows for a three-story, 18-unit apartment building, Azoubel and Silberman said.
One of the properties is an office condo at the 12-story Forum Aventura building at 19790 West Dixie Highway in Ojus. GLG’s headquarters is based there, though the firm plans to vacate the office once its portfolio sells, according to the brokers.
GLG, formed in 2009, amassed the portfolio over the past decade, records show. The properties were built from the 1980s to the early 2000s, according to Azoubel.
The properties hit the market amid slowing commercial investment sales. Expensive borrowing costs, caused by interest rate hikes since spring of last year, have suppressed pricing or foiled deals altogether.
Yet, at the same time, Miami-Dade is experiencing heightened housing demand as a result of the influx of out-of-state residents and businesses in the past three years, Azoubel and Silberman said.
It’s difficult “to purchase right now with these low levels of inventory,” Azoubel said. “There’s not a lot in the market.”
