How LIBA Identified Value in Miami Shores

SIGNAL — Miami Shores sits inside a band of established Miami-Dade neighborhoods where rental demand has been steady, comps are improving, and inventory rarely moves through broad-market channels. LIBA's review considered permit history, ownership tenure, code-violation activity, and the gap between current condition and surrounding renovated comparables.

PRINCIPAL REVIEW — The opportunity was reviewed on the record by a principal. Local underwriting confirmed the envelope, site, and unit-level scope, and the model rationale was tested against a disciplined renovation budget, a downside rent case, and conservative lease-up assumptions.

SPECIAL SITUATION — The asset was not broadly marketed. Ownership circumstances and deferred physical condition created a special-situation entry that rewarded direct sourcing and clean, unconditional diligence over speed alone.

ACQUISITION — LIBA acquired the assets against an underwritten basis reflecting full scope, insurance carry, and downside rents, seeking to capture embedded value at acquisition relative to renovated comparables in the submarket.

EXECUTION — Execution includes targeted exterior, property and unit improvements managed against LIBA’s active value-creation plan. Improvements are currently underway.

OPERATIONS — Ongoing operations are handled by local teams under principal oversight, with performance tracked against the underwritten plan.

The sequence is consistent across every LIBA acquisition: research → intelligence → principal judgment → acquisition → execution.