MIAMI—In a rare sale, a luxury, two-tower, high-rise multifamily rental in Miami has sold to a New York buyer. An affiliate of Ladder Capital Finance Holdings acquired Terrazas River Park Village Apartments for an undisclosed price.

CBRE's Institutional Multi-Housing Group represented the seller. Robert Given, Gerard Yetming, and Zachary Sackley worked together on the deal.

Terrazas is a 21- and 28-story, 324-unit rental multifamily community. The apartments are located at 1861 N.W. South River Drive on the Miami River. It is 98% occupied.

“This offering illustrated the broad appeal of a high-quality, well-located Miami asset,” says CBRE vice chairman Given. “Our marketing process generated over 20 offers, with a mix of condominium converters and institutional income buyers. The profiles of the bidders were diverse, with a mix of domestic and foreign capital.”

Terrazas was completed in 2010. The multifamily units feature luxury finishes and views of the Miami River and the Downtown Miami skyline. The community has visibility from Dolphin Expressway, and is a short distance from the Miami Health District, Downtown Miami, and the Brickell Financial District. CBRE represented the seller in the transaction.

The property greatly benefited from employment drivers in Miami's Health District. “The Health District is one of the most exciting areas in South Florida,” says CBRE senior vice president Yetming. “Every group that looked at the offering was sold on the rapid growth of desirable professional jobs and the pent-up demand for high-quality housing in the area.”