MIAMI—The largest portfolio of multifamily units ever to hit the South Beach is up for grabs. CBRE is marketing the apartment complexes in the heart of the hottest Miami Beach historic district.

The multifamily portfolio totals 240 units in mostly low-rise, garden-style apartments located between 7th and 15th Streets. That's a short walk from the Lincoln Road pedestrian mall, Art Deco hotels that line Ocean Drive, and Miami's beaches.

CBRE's Calum Weaver is marketing the portfolio on behalf of Miami-based Bar Invest Group. Bar is one of first operators of multifamily real estate in the Art Deco district of South Beach, and one of the largest since 2009. 

“Investors often tell us they want to enter the South Beach multifamily market, but it only makes sense if they can get a critical mass, and that's nearly impossible,” Weaver tells GlobeSt.com. “The average multifamily offering on South Beach is about 14 to 16 units. It would take several years, and multiple transactions, to accumulate the number of units that are in this portfolio.”

Multifamily market fundamentals in Miami are strong, and more so in South Beach which is ground zero for Miami's nightlife and home to the annual Art Basel international art fair. According to CBRE, South Beach rents average over $3 per square foot, among the highest in the nation. What's more, Miami's multifamily vacancy is among the lowest in the country at 3.6%.

The multifamily properties in this portfolio are located at: 700 Euclid Avenue; 715 Michigan Avenue; 951 Jefferson Avenue; 1017 Jefferson Avenue; 1025 Meridian Avenue; 1135 8th Street; 1226 Drexel Avenue; 1251 Euclid Avenue; 1326 Penn Avenue; 1348 Drexel Avenue; 1455 Euclid Avenue; 948-952 Meridian Avenue; 1336 Penn Avenue; 1440 Euclid Avenue; and 1110 Penn Avenue.

“This is an unprecedented acquisition opportunity in one of the most glamorous urban beach communities in the world, where there's no new apartments under construction and rents are among the highest in the world,” says Weaver. “Whoever acquires the portfolio will instantly become the second-largest apartment owner in all of South Beach. It's virtually impossible to buy a critical mass of apartment units in South Beach.”