City of Miami sues to foreclose East Little Havana apartment complex

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Miami Beach has the least expensive rents in the Miami metro, with a two-bedroom median of $1,286; additionally, the city has seen rent growth of 1.0% over the past month, the fastest in the metro. Over the past month, Boynton Beach has seen the biggest rent drop in the metro, with a decline of 1.0%.

The city of Miami is looking to foreclose on Biscayne Housing Group’s 27-unit Teatro Marti Apartments in East Little Havana. The city recently filed a foreclosure lawsuit for the 37,415-square-foot building at 400 Southwest Eighth Avenue after Miami leased the property to the developer and awarded it a $3 million mortgage, the South Florida Business Journal reported.

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