Spring Gardens Apartments

In 2014, Befeler Group, through an affiliate, acquired a 97-unit garden-type apartment complex within the City of Miami Springs in Miami-Dade County. The property is situated across the street from the employees’ main entrance of Miami International Airport, one of the busiest airports in the world. The property has approximately five contiguous acres and constitutes the largest single piece of real estate in the City of Miami Springs. In 2016, Befeler Group acquired an additional eight units next door to the north of the 97-unit property adding another 24,500 square feet of land to the main property. The properties serve mostly airport personnel and their families and sit within the urban core of one of the highest demand rental areas in Miami. At the time the 97-unit apartment complex was acquired, it was under significant distress and in need of repositioning. Befeler Group installed new roofs, impact windows, doors, parking areas, lighting, landscaping, built sidewalks and streets, and meticulously restored all the buildings. Revenues are significantly greater, and the properties are now consistently 100% leased and performing well.