MIAMI—Coral Gables is seeing plenty of new residential—and mixed-use projects—rising from the dirt. But that's not stopping investors from scooping up older multifamily projects across the city.

Capri Apartments, a 42-unit apartment property located in Coral Gables, FL, has traded hands. The asset sold for $6.281 million, which represents $149,548 per unit.

Arthur Porosoff, a vice president investments in Marcus & Millichap's Miami office, represented the seller, a New York-based private investor. Porosoff also represented the buyer, a fund manager in New York.

“The city of Coral Gables is one of Miami-Dade County's most desirable rental markets,” Porosoff says. “In close proximity to Downtown Miami, it offers a 'city within a city' feel.”

Built in 1969, Capri Apartments offers 42 units in two separate, four-story buildings. The multifamily community offers a mix of two studio-one-bath apartments, 10 one-bedroom/one-bath apartments, and 30 two-bedroom/two-bath apartments. Capri Apartments is located on the south side of Southwest 8th Street and just east of Granada Boulevard at 800-801 Capri Street.

“Residents are attracted to Coral Gables' entertainment, fine dining, luxury shopping, public parks, excellent school districts and growing financial district,” Porosoff says. “Strong property operations and inflows of local and foreign capital will continue to sustain Coral Gables' active and liquid investment market.”

Porosoff has sold 23 Coral Gables apartment buildings in the last three years. Part of the reason for the rush to Coral Gables could be multifamily rents there.

Coral Gables is one of the higher performing markets and Robert Given, who leads CBRE's South Florida Multi-Housing Group, tells he expects to see the highest rents to be achieved in Brickell, Coral Gables, East Boca Raton/Delray. He also points to suburban-urban centers like Downtown Doral and Pembroke Gardens.

“They could reach $2.25 per square foot in the suburbs and $2.75 per square foot in the core urban markets,” Given says. “These new highwater mark rents would be about 25% to 30% higher than during previous peaks.”


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