Infill multi-housing community in Miami’s Little Havana area sells
JLL Capital Markets closed the $4.1M sale of Tecela Little Havana to a private investor
MIAMI, August 23, 2021 – JLL Capital Markets announced today that it has closed the $4.1 million sale of Tecela Little Havana, a 16-unit, newly developed, small-scale, urban, infill multi-housing community in the Little Havana neighborhood of Miami, Florida.
JLL marketed the property on behalf of the seller, Miami-based Tecela. 761 NW 1ST LLC acquired the property.
Completed in two phases between 2017 and 2019, the design for Tecela Little Havana was inspired by New York brownstones, Boston townhomes and Miami’s culture and style, designed by award-winning Florida architect Jason Chandler, built by general contractor 748 Development with construction loan from First American Bank and leased and managed by Compass.
The building, which has been featured in Forbes, ARCHITECT Magazine and Miami Herald, houses four townhouses comprising of studio, one- and two-bedroom apartments ranging from 595 to 1,171 square feet. Units feature high ceilings, polished concrete floors, in-unit washer and dryer and a large balcony or private backyard. The townhouses were the first to take advantage of a city of Miami zoning change in 2015 tallowing buildings up to 10,000 square feet with no on-site parking. Tecela Little Havana set a per-door sale record for a smaller building with no on-site parking as distinguished from larger no-parking buildings.
Located at 761-771 NW 1st St., the property is within Miami’s Little Havana, a vibrant enclave known for its Latin culture. Tecela Little Havana is centrally located with convenient access to Interstate 95 and subsequent linkage to other major thoroughfares and benefits from its proximity to major transportation hubs, including a 15-minute drive to Miami International Airport and the Port of Miami and only a five-minute drive to MiamiCentral Station. Miami Beach and downtown Coral Gables are a 20-minute drive from the property. Residents can enjoy a short walk to an abundance of shopping, dining and entertainment on SW 8th Street aka “Calle Ocho”, one of Miami’s most dynamic and historic dining and nightlife corridors.
The JLL Capital Markets investment advisory team representing the seller included Directors Victor Garcia and Ted Taylor, Associate Max La Cava and Analyst Luca Victoria.
“With most of Little Havana’s multi-housing properties being of an older vintage, this represented a very rare opportunity to acquire a newly built asset within one of Miami’s fastest growing and highly desirable neighborhoods,” Garcia said.
“I am thankful for the investors and the whole team who moved these townhouses from idea to completion to sale, especially for JLL’s adept marketing of the first-in-Miami ‘brownstones’ and walkable urbanism in general,” added Andrew Frey from Tecela.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Tecela is a real estate development company founded by Andrew Frey on the idea that the best urban neighborhoods – North End, Park Slope, Georgetown, French Quarter, Little Havana, Old San Juan – are made by many local developers building many iterations of dense but small building types like townhouses, rowhouses, and brownstones. Mr. Frey, a former zoning lawyer and urban planner, is now a Senior Vice President of Development & Construction for AJ Capital Partners.