Miami Beach, FL – August 7, 2014 – (RealEstateRama) — CBRE arranged the portfolio sale of 25 apartment units on South Beach to James USA Capital, LLC, of Hallandale Beach, FL. The buyer purchased 13 units at 511-515 16th Street and 12 units at 1414 Euclid Avenue, two separately owned properties in Miami Beach, Florida, for a total of $3,550,000, or $142,000 per unit. CBRE represented the sellers in the transaction.
This marks the 30th multifamily transaction on South Beach in the past few years for the CBRE South Florida Multifamily Investment Properties team, which in May of this year completed the largest South Beach multifamily sale in history: the sale of a 113-unit portfolio spanning eight properties for $22.15 million
“The Miami Beach multifamily market continues to be the most sought after commercial real estate in South Florida,” said Calum Weaver, First Vice President, CBRE Investment Properties, Multifamily. “Both domestic and foreign investors are aggressively seeking value-add opportunities where they can reposition the properties to take advantage of the excellent market fundamentals. Rents in the submarket are at record levels and vacancies are virtually zero.”
The CBRE South Florida Multifamily Investment Properties team specializes in the sale of apartment properties between $1 and $20 million in South Florida.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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