MIAMI—With limited opportunities to acquire multifamily assets in Brickell, some investors are willing to pay a premium. The latest examples come from sales in the emerging West Brickell neighborhood, which fetched above-asking price after only two days on the market.
Cumbria Apartments just bought two multifamily buildings in west Brickell for $2.7 million. The apartment buildings are located at 221-233 Southwest 12th Street. The multifamily buildings together span 6,420 square feet and offer 10 units on a 15,000-square-foot lot.
Mika Mattingly of Sterling Equity Realty Commercial represented the sellers, Roque G. Rodriguez and Jason Rodriguez. Gabriel Reategui Real Estate & Investment represented the buyer.
“The sale represented a win-win for the buyer,” Mattingly says. “This parcel was part of a larger assemblage, allowing the buyer to acquire almost half a city block of contiguous properties in a booming neighborhood. The buyer clearly recognized the unique opportunity and submitted a purchase price above asking after only two days on the market.”
Brickell has seen a transformation with the addition of condos and office towers for the past eight to 10 years, but the West Brickell neighborhood only recently began to evolve. With Mary Brickell Village and the completion of Brickell City Centre in 2015, Mattingly says the Brickell area is and will continue to become a desirable place to live, work, and play.
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