CBRE SELLS MULTI-HOUSING PROPERTY ON SOUTH BEACH FOR $425 PSF

Miami Beach, FL – April 3, 2013 – (RealEstateRama) — The CBRE Multi-Housing Private Capital Group arranged the sale of The Palm House located at 1010 Pennsylvania Avenue in Miami Beach. The 16-unit property sold for $2,750,000 or $171,875 per unit ($425 per square foot). On a price per square foot basis, the sale represents the highest priced multi-housing sale transaction on South Beach in more than six years and the second highest price per square foot ever transacted on South Beach. CBRE transacted the sale on behalf of the seller The Palm House, LLC. The asset was purchased by an all-cash foreign buyer.