MIAMI, FL – Swiss investment group Lurra Capital has acquired a 100-unit, class A apartment community in Miami for $42.5 million. The firm purchased the multifamily asset from Greystone affiliate, 37 Gables Property LLC.
Located at 1501 SW 37th Ave., the boutique, high-rise community, Blume Coral Gables, features lofts, one-bedroom and two-bedroom units, as well as 6,191 square feet of ground floor retail. The property was developed in 2019.
"This is another strategic acquisition in Miami within the last year which bolsters our strong commitment to growing our presence and portfolio in the US and more specifically in South Florida which is one of the fastest growing markets globally," states Tyron Birkmeir, founder and CEO of Lurra Capital.
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Birkmeir adds, "The Miami multifamily market maintains solid fundamentals with population growth, a strong job market and record low unemployment – home prices remain at record levels which impacts the rental market extremely positively while land becomes more limited keeping new construction in check. We are excited to continue investing and expanding within this growing market and are actively looking at new opportunities."
Cushman & Wakefield's Calum Weaver, Robert Given, Troy Ballard and Zac Sackley represented the seller in the transaction.
"Newly constructed multifamily deals in this size range are hard to come by," says Weaver, executive managing director at Cushman & Wakefield. "We have a strong track record in selling newly built buildings in the 50–100-unit range. We are able to identify qualified private capital to the market that can successfully close on these rare opportunities."
"It's gratifying to see the successful exit of Blume Coral Gables, a project which we've poured our heart and soul into over the years," states Thomas P. Ryan, Greystone's head of property development. "We thank the Cushman & Wakefield team for their partnership across the spectrum of multifamily, as we know they are the proven premier sales advisory team in the Miami market."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
