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Ludlam Trail Phase 1

Advenir Acquires New 2023-built Class A Multifamily Community along the transit-oriented Ludlam Trail in Miami, Florida.

MIAMI, FLORIDA, USA, August 23, 2023/EINPresswire.com/ -- Advenir acquired Advenir at Ludlam Trail, a new 84-unit multifamily apartment community built in 2023 and located in Miami, Florida on Wednesday, May 31st, 2023. Advenir at Ludlam Trail will be built in two phases with the first being 84-units, and the second phase a 314-unit development. Phase II is expected for completion in Q1 2024, adding 230 units. Phase I and Phase II will be considered one community upon completion and will be operated and managed by Advenir Living as one community, Advenir at Ludlam Trail. The first phase has displayed tremendous strength through its initial lease-up, averaging +15 leases per month over the first 2-months without offering any rental concessions. Apartment homes offered at Advenir at Ludlam Trail include 1-bedroom & 2-bedroom floorplans with an average size of 788 SF and current in-place rents of $3.25/ SF.

Advenir remains focused on assets that exhibit stable cash flows in high barrier to entry markets with favorable demographics. Advenir at Ludlam Trail is located along the transit-oriented Ludlam Trail, between the Miami and Coral Gables submarkets, and is within 10-minutes of more than 49M SF of office space. The Ludlam Trail will include paths for biking, walking, and running and will tie into the greater 30-mile Miami Loop including The Underline, Perimeter Trail, and The Miami River Greenway trail. This development will link schools, parks, transit, homes, workplaces, and places to shop and dine with safe, dedicated, direct pathways for walking, running, and cycling. Advenir at Ludlam Trail will benefit from immediate connectivity to a vibrant, pedestrian friendly signature urban park and public space. Residents of Advenir at Ludlam Trail will enjoy its central community setting amongst the top lifestyle and entertainment districts of South Florida.

The Coral Gables submarket recorded a 1.3% vacancy rate for 2022 and has projected annual rent growth of 4.6% for 2024. (Newmark, 2023.) Miami reported positive absorption over the trailing 12 months with 5,261 delivered units and 6,148 units absorbed, contributing to a vacancy rate of 3.9% (CoStar, 2023.) Advenir benefits from its strategic path-of-growth location which only has three multi-family communities currently under construction or in lease-up within the submarket. Attractive rental rates at Advenir at Ludlam Trail start in the $2,300s and are well positioned for future growth.

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About Advenir: Stephen Vecchitto, founded Advenir in 1996 and serves as the company's Managing Director. Advenir acquires, develops, and operates multi-family & single-family rental communities on behalf of high-net-worth and institutional investors. Advenir, LLC is a real estate investment company headquartered in Aventura, Florida (Miami-Dade) with over two decades of proven track record across multiple real estate cycles. Advenir has seen 45 fully realized investments with an average multiple on capital of 2.20x and an average annualized net investor returns of 24% over an average hold period of 4.9 years.

Media Contact: Matt Zaverucha, 617.571.3450

Matt Zaverucha
Advenir Living
+1 617-571-3450
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