MIAMI—A rare portfolio of eight multifamily properties in South Beach is up for grabs. The properties are located close to each other, between 5th Street and Lincoln Road and within walking distance to all of South Beach’s attractions including Lincoln Road, Ocean Drive, Collins, and Washington Avenues.
CBRE‘s Multi-Housing Group is marketing the 113 multifamily units. First Vice President Calum Weaver, based in Fort Lauderdale, is spearheading the campaign.
“In the past 20-years there has been only one market rate, multi-housing sale on South Beach totaling more than 113 units,” says Weaver. “This unique investment opportunity provides a critical mass of units for an investor to penetrate the South Beach market and offers multiple investment opportunities as rental apartment community, condominium, or commercial conversion.”
The 113-unit multifamily portfolio is being offered “as-is.” The apartment communities located at 705 Lenox Avenue; 762 Lenox Avenue; 710 Meridian Avenue; 825 Alton Road; 1501-1521 Michigan Avenue; 1600 West Avenue and 1606 West Avenue. The multifamily properties are 93.8% rented.
“The units provide an exceptional value-add opportunity for an investor in one of the world’s most desirable markets,” says Weaver. “Competing properties in the immediate area, have undergone in-unit renovations and have premiums of $300-$800 per unit.”
Weaver says condo sales of similar vintage and repair to the multifamily portfolio have achieved $366 to $535 per square foot, with renovated units witnessing prices on the higher end of the spectrum. As he sees it, the purchaser has a unique opportunity to acquire this multifamily portfolio “during an advantageous time in the market cycle and to take advantage of the proposed value-add program.”