JLL Capital Markets announced that it has completed the sale of Tecela Little Havana for US$4.1 million. Tecela Little Havana is a newly developed small urban infill multi-family residential community in the Little Havana community of Miami, Florida, with 16 units.
Jones Lang LaSalle sold the property on behalf of the seller, Miami-based Tecela. 761 NW 1ST LLC acquired the property.
The design of Tecela Little Havana was completed in two phases from 2017 to 2019. Its design was inspired by New York brownstone, Boston townhouses and the culture and style of Miami. It was designed by Florida award-winning architect Jason Chandler and was a general contractor. It was built by Shang 748 Development, and the construction loan came from First American Bank, leased and managed by Compass.
The building has been featured in Forbes, Architect Magazine, and the Miami Herald. It has four townhouses, including studios, one-bedroom and two-bedroom apartments, ranging in size from 595 square feet to 1,171 square feet . Units feature high ceilings, polished concrete floors, in-room washing machines and dryers, and a large balcony or private backyard. These townhouses are the first to take advantage of the zoning changes in Miami in 2015 to expand the building area to 10,000 square feet without on-site parking. Tecela Little Havana has set a single-door sales record for a smaller building without on-site parking, which is different from a larger building without parking.
The property is located at 761-771 NW 1st St., in Miami’s Little Havana, a vibrant enclave known for its Latin culture. Tecela Little Havana is located in the city center, with easy access to Interstate 95, then connected to other major arterial roads, and close to major transportation hubs, including a 15-minute drive to Miami International Airport and Port of Miami, and a 5-minute drive to central Miami Station. Miami Beach and Coral Gables city centre are a 20-minute drive away. Residents can walk to the many shopping, dining and entertainment venues on SW 8th Street, also known as “Calle Ocho”, which is one of Miami’s most vibrant and historical dining and nightlife corridors.
The JLL Capital Markets Investment Advisory Team representing the seller includes directors Victor Garcia and Ted Taylor, assistant Max La Cava and analyst Luca Victoria.
“Since most of the multi-family residential properties in Little Havana are old-fashioned, this represents a very rare opportunity to acquire new assets in one of Miami’s fastest-growing and very popular neighborhoods,” Garcia said.
“I thank the investors and the entire team for taking these townhouses from conception to completion to sale, especially Jones Lang LaSalle’s skillful marketing of Miami’s first’brownstone’ and walkable urbanism,” from Tecela’s Andrew Frey added.
JLL Capital Markets is a global capital solutions provider that provides a full range of services for real estate investors and tenants. The company’s in-depth knowledge of the local market and global investors provides customers with first-class solutions-whether it is investment sales and consulting, debt consulting, equity consulting, or capital restructuring. The company has more than 3,000 capital market experts worldwide and offices in nearly 50 countries.
Post time: Aug-24-2021