MIAMI—A portfolio of 25 South Beach multifamilyunits has traded hands. James USA Capital acquired 13 units at511-515 16th Street and 12 units at 1414 Euclid Avenue, twoseparately-owned properties, for $3.550 million. The sale pricetotals or $142,000 per multifamily unit.CBRE represented the sellers in thetransaction.

|

“The Miami Beach multifamily market continues to be the mostsought after commercial real estate in South Florida,” saysCalum Weaver, first vice president of CBREInvestment Properties, Multifamily. “Both domestic andforeign investors are aggressively seekingvalue-add opportunities where they can reposition the properties totake advantage of the excellent market fundamentals. Rents in thesubmarket are at record levels and vacancies are virtuallyzero.”

|

In May, Weaver's team completed the largest-ever South Beach multifamily when it sold a 113-unitportfolio spanning eight properties for $22.15 million. The latestdeal marks the 30th multifamily transaction onSouth Beach in the past few years for the CBRE South FloridaMultifamily Investment Properties team.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.