MIAMI—Coral Gables office space is white hot, but what about the multifamily market? It seems investors are taking notice of the opportunities there.

CBRE arranged the sale of two multifamily properties totaling 36 units in Coral Gables, FL. 1206 Douglas Road has 20 units and 3-15 Santillane and 910 Douglas Road has 16 units.

Sidonia/Truenorth Santillane sold the Coral Gables multifamily assets to Fipro Holdings for $6 million. The sale price equates to $166,667 per unit and $232 per square foot. CBRE represented the seller.

“There was tremendous interest in the properties from a value-add and redevelopment perspective,” says Calum Weaver, senior vice president of CBRE Capital Markets, Investment Properties, Multifamily. “Through our marketing process, the seller had multiple offers to consider. Ultimately, the buyer was selected based on their strong closing terms and detailed understanding of the property and market.”

Located at 1206 Douglas, Sidonia features 20 units. Santillane, with contiguous addresses at 3, 11 and 15 Santillane Avenue and 910 Douglas Road, features 16 units. All units have two bedrooms and one bath, and in-place average effective rents of $1,121. Sidonia sits on 26,400 square feet and Santillane sits on 29,080 square feet.

The CBRE Capital Markets, Investment Properties, Multifamily team involved in the sale included Weaver, Richard Tarquinio, and Perry Synanidis. The team, which specializes in the sale of apartment properties between $1 and $20 million, has closed more than $150 million in private capital sales to date.

So is Coral Gables Multifamily market heating up? Some say Miami's best multifamily days may be yet to come. What do you see?