PIAZZA NAVONA APTS

Piazza Navona is a 40-unit condominium originally built as a multi-family complex in the 1976 and later converted to a condominium in 2004. Units were sold off at peak pricing, and during the recession of 2008 foreclosures mounted to nearly 80% of the building. 

Present Equity acquired several units during the recession, with a number of follow-on acquisitions to round out the portfolio. All units are currently rented to long-term occupants with a strong renewal rate. The property is comprised of half renters and half owner-occupants.

The edgewater section of Miami has seen explosive growth between 2012 and 2020 with multi-lot assemblages being entitled for high rise development after the area's rezoning to the Miami 21 zoning district, providing for enormous densities.