Monthly Archives

April 2015

Miami River Inn sells for $8.6 million

By | NEWS | No Comments

The Vagabond Group, a company led by developer Avra Jain, has purchased the historic Miami River Inn hotel.
Aztec Group represented Jain’s company and announced the sale of the 58-unit property this week, which sold for $8.6 million — up 105 percent from its previous sale price of $4.2 million in July 2013, according to Miami-Dade County property records.
The seller was Miami River Inn Holdings, a company affiliated with Habitat Group, which was represented by Alfonso Jaramillo of Fortune International Realty.
The new owner, Jain, was behind the renovation of the 45-room Vagabond Motel in Miami’s MiMo District, which reopened last fall.
“This transaction is an indication of Miami’s growth around its main artery and namesake, the Miami River. Bringing such an important property back to life will only further activate the already pulsating river corridor,” said Jason Katz, vice president at Aztec Group in a news release.
The Miami River Inn is at 437 S.W. 2nd St. in Miami. It was built in 1906.

Emon Reiser
Digital Producer, South Florida Business JournalSenior Reporter
South Florida Business Journal

Link: https://www.bizjournals.com/southflorida/news/2015/04/21/miami-river-inn-sells-for-8-6-million.html

Avra Jain buys Miami River Inn for $8.6M

By | NEWS | No Comments

Katherine Kallergis
JL Luxe Homes
The Vagabond Group, led by developer Avra Jain, picked up an historic 58-room inn near the Miami River for more than double its last sale, Aztec Group told The Real Deal.
Miami River Inn Holdings sold the Miami River Inn’s 1.5-acre site for $8.6 million. Jason Katz, Aztec Group vice president, represented Vagabond Group in the purchase of the three-story inn, considered Miami’s longest operating hotel, at 437 Southwest Second Street, on the south side of the Miami River. Alfonso Jaramillo of Fortune International Realty represented the seller.
The sellers brought the hotel out of disrepair when they bought it for $4.2 million in July 2013, Katz said.
“It’s been operating, but not at its full potential. Generally speaking, it could be something like the Vagabond with a food and beverage component,” Katz told TRD. “[Jain] is looking to take it to another level.”
Jain obtained a $5.5 million loan from Eastern National Bank for the Miami River Inn.
The hotel was built in 1906, and portions of it are part of the South River Drive Historic District. “Over 50 years ago it was a boarding house, and 100 years ago it was a hostel,” he said.
The neighborhood, which is across the street from the riverfront, is East Little Havana, which is up for rezoning.
“It’s such a unique property that it is invaluable,” Katz said. “It’s really an emblem of the growth in the area.”
The Miami River is increasingly drawing new development. Andy Hellinger is building River Landing, a massive nine-acre development that will include apartments, retail and a linear park along the riverwalk.
All-in-all, more than 4,000 residential units and more than half a million square feet of retail establishments, including restaurants and bars, are under construction or planned for the Miami River area.
“There are a lot of things going: Chetrit, Related (Brickell Heights) and KAR Properties. At least three major mixed-use high-rises are happening on the riverfront,” Katz said.
Jain recently redeveloped the 45-room boutique Vagabond Hotel, formerly the Vagabond Motel, at 7301 Biscayne Boulevard.
Link: http://jluxehomes.com/avra-jain-buys-miami-river-inn-for-8-6m/

Avra Jain snaps up Miami River Inn for $8.6 million

By | NEWS | No Comments

HANNAH SAMPSON
Miami Herald
The historic Miami River Inn has a new owner: Avra Jain, who has pioneered the rebirth of Miami’s MiMo district.
Habitat Group, a local investment company, sold the 58-unit property to to Jain’s Vagabond Group in an $8.6 million deal that closed Friday.
Jain has been actively restoring swaths of Miami neighborhoods in the area along Biscayne Boulevard between Northeast 50th and 79th streets, including the Vagabond Motel, which opened last year. With a business partner, she has also bought up several acres in Little River.
She could not be reached for comment about the latest purchase Monday and her exact plans for the site were not clear. But Jason Katz, the Aztec Group vice president who closed the sale on behalf of Jain, said there will be some initial cosmetic renovations to make the property more attractive, update the grounds and replace furniture.

“The idea is to make it more beautiful and more high end because of its proximity to downtown,” he said. Made up of a cluster of buildings at 437 SW Second St., the hotel faces the Miami River. The oldest of the structures was built in 1906.
Preservationist Sallye Jude restored the site in 1990 and reopened it as a bed-and-breakfast that year.
Katz called the hotel “an oasis in the urban core of Miami.”
“It’s really an irreplaceable property in Miami, and that’s why it’s exciting,” he said. “I think it shows that Miami is growing both out along the river and growing culturally. There’s an appreciation for history as there might not have been in past cycles; it’s not all about high-rise development anymore.”

Link: http://www.miamiherald.com/news/business/article19090242.html#storylink=cpy

Avra Jain buys Miami River Inn for $8.6M Miami’s longest running inn last sold for $4.2M in July 2013

By | NEWS | No Comments

Katherine Kallergis
The Real Deal
The Vagabond Group, led by developer Avra Jain, picked up an historic 58-room inn near the Miami River for more than double its last sale, Aztec Group told The Real Deal.
Miami River Inn Holdings sold the Miami River Inn’s 1.5-acre site for $8.6 million. Jason Katz, Aztec Group vice president, represented Vagabond Group in the purchase of the three-story inn, considered Miami’s longest operating hotel, at 437 Southwest Second Street, on the south side of the Miami River. Alfonso Jaramillo of Fortune International Realty represented the seller.
The sellers brought the hotel out of disrepair when they bought it for $4.2 million in July 2013, Katz said.
“It’s been operating, but not at its full potential. Generally speaking, it could be something like the Vagabond with a food and beverage component,” Katz told TRD. “[Jain] is looking to take it to another level.”
Jain obtained a $5.5 million loan from Eastern National Bank for the Miami River Inn.
The hotel was built in 1906, and portions of it are part of the South River Drive Historic District. “Over 50 years ago it was a boarding house, and 100 years ago it was a hostel,” he said.
The neighborhood, which is across the street from the riverfront, is East Little Havana, which is up for rezoning.
“It’s such a unique property that it is invaluable,” Katz said. “It’s really an emblem of the growth in the area.”
The Miami River is increasingly drawing new development. Andy Hellinger is building River Landing, a massive nine-acre development that will include apartments, retail and a linear park along the riverwalk.
All-in-all, more than 4,000 residential units and more than half a million square feet of retail establishments, including restaurants and bars, are under construction or planned for the Miami River area.
“There are a lot of things going: Chetrit, Related (Brickell Heights) and KAR Properties. At least three major mixed-use high-rises are happening on the riverfront,” Katz said.
Jain recently redeveloped the 45-room boutique Vagabond Hotel, formerly the Vagabond Motel, at 7301 Biscayne Boulevard.

Link: https://therealdeal.com/miami/2015/04/20/avra-jain-buys-miami-river-inn-for-8-6m/

Vagabond Group acquires Miami River Inn

By | NEWS | No Comments

CU Florida CU Florida
CIJ Journal
The Vagabond Group has purchased the historic Miami River Inn for $8.6 million ($148,275 per room). Built in 1906, the inn is located on South West 2nd Street in Miami. The seller, Habitat Group, bought the property for $4.2 million in July 2013. Aztec Group represented the buyer. “This transaction is an indication of Miami’s growth around its main artery and namesake, the Miami River. Bringing such an important property back to life will only further activate the already pulsating river corridor,” said Jason Katz, vice president at Aztec Group in a news release.
An ALM Publication DAILY BUSINESS REVIEW TUESDAY, JUNE 5, 2012 daimusinessreview.com A9

Link: http://cijjournal.com/en/encompassme/10864/vagabond-group-acquires-miami-river-inn

Habitat Rising

By | NEWS | No Comments

Text by Sandy Lindsey
Photos by Ximena Etchart
A strong team, unique projects and an innovative approach has helped Habitat Group fulfill its goal of providing exceptional real estate management services that sek to provide solid returns and a positive investment experience for their clients, resulting in satisfied customers confident that their objectives will be fulfilled.

Habitat Group’s story is similar to that of the typical American Dream. An immigrant who arrived in a new country with the vision of creating his own company started off with only a small project, then a small building. He then
realized that it was possible to continue growing while being able to generate new employment opportunities. “Having started with only very elementary foundations, I created a work team and expanded my property portfolio,” says Habitat Group President Santiago Vanegas. “Habitat Group survived the economical crisis of 2006 which was one of the most significant crisis in the world’s economy. We not only survived, but the company came out strengthened and with the expertise needed to continue thriving in the market.” Vanegas and his team like nothing better than to transform a property from “nothingness into a productive real estate gem.” They purchased the Historic Miami River Hotel when it appeared to be stuck in time, restored it and joined it with an additional property. A few months later, it had a high occupancy rate for its 75 rooms and a high ranking in its sector. Since then, it has increased the value of the area and has become one of the most important properties in their portfolio. Similarly, they transformed a condo building into a condo hotel in 2007. In doing so, they managed to save the property as well as the deposits of its initial buyers and the
98
capital of its investors. Today, it too is a highly valued and profitable property.
“Our projects are special and elaborate with superior quality, seeking to go above standard value,” he says. “We contribute in urban development, always seeking to strengthen and respect the cultural roots of each area.” Perfect examples of this are The Havana Club Hotel and the Historic Miami River Hotel restorations, which have been made in Little Havana. “We also plan projects with the district, which seek overall improvement of the localities and in turn increase property taxes for the city’s revenue that benefits the same communities.”
Habitat Group divides the style and design of its activities in two parts. One part is the 5 principal services they offer: development services, capital investments, realty, property management and hotel operations of personal projects and of third parties. The other part is the types of projects they carry out, such as boutique apartment hotels, modern technological concept offices and great valorization buildings. The company’s principal idea is to unite all of the areas of investment, such as its processes and development, under the same roof They are a small-medium sized company with flexibility in the market, as opposed to large companies that have a more rigid structure. “We have the ability of migrating between different products that real estate has to offer,” he explains. “We can step from new construction to hotel operations, to property management and commercial properties, among others, while offering horizontal and vertical movements in the market, which are not easily carried out by other companies. In doing so, we offer our expertise and experience in the diverse segments of real estate, accompanied by the varied services that may be needed in each operation.” To date, the company has an outstanding 15-year track record of more than a dozen successful transactions, giving individuals the confidence to invest and re-invest with them. “Our credibility is built on returns paid, returned capitals as well as successful transactions with diverse partners and investors,” says Vanegas. “Our reputation and our experience have generated confidence and credibility from our partners and resulted in their continued loyalty to our investment opportunities. Habitat Group’s main policy is to protect its investors’ capital over the company’s own capital.”
What’s more, their target is medium-sized transactions that aren’t “enormous” but rather compatible and accessible for a medium-sized Latin American family looking to invest. “Our sale prices are never at the extreme high so we’re always giving our buyers an upside, which is why our portfolio is fast in rotation, thanks to the attractive sales prices for our final clients,” he says. “An example is if the market is generating 5010 returns in rentability on rental buildings, we have the capacity of selling it at a 5.500 or Pro rentability for our potential buyers, generating our own utility previous to this. Added to this is the confidence our consumers feel due to our track record that reveals solidity and seriousness.”
The Habitat Group story is a tale of growth. They began as a development company that specialized in small and medium construction projects. These projects began to expand and evolve into new services due to the company’s adaptability. This in turn progressed the company into becoming a hotel-operating enterprise. “We stepped our way up from being a development company, to a property construction company, a property management company, and finally a hotel operator,” says Vanegas. “We continue to expand our business by adapting our needs to those of the market, seeing new opportunities in times of crisis and taking advantage of each step in our development. We use vision and market analysis to detect and carry-out successful transactions, and this has helped us branch out into additional services such as realty as well as property and capital management.”
Moving forward, their next focus is exploring the real estate market of West Brickell and Little Havana “We’re betting on the analysis of investments in East Little Havana as well as in the office market of the Brickell and Downtown areas,” affirms Vanegas. “Our aim is to take advantage of the supply deficit that the market is currently experiencing due to an over-demand for office spaces. ”
Vanegas concludes that real estate has higher operating returns than bond yields and inflation rates, and there’s appreciation of the asset over time. “Real estate investments are also superior because when you invest in real estate, you’re investing in a tangible good,” he says. “When you analyze and buy properly, the risk is very low and comparable to that of bonds.”
Habitat Group is located at 175 SW 7th St., Ste. 2201-2, Miami, FL 33130. For more information, call 786.5774394 or visit HabitatGroup.com.

“When you invest in real estate, you’re investing in a tangible good and when you analyze and buy properly, the risk is very low.”

Attachments