The five-year-old, 272-unit, 400,000-sf Property on Miami's chic Brickell Key sold for $226,471 per unit or about $154 per sf. The acquisition was M/P/A's fourth purchase of a luxury residential community since June 2001.
"I am confident the (Miami) property will perform well for our partners while continuing to provide Miami residents with the ultimate in luxury living," M/P/A CEO Jeffrey J. Cohen says in a prepared statement.
Courvoisier Courts "fits perfectly with our disciplined investment strategy," Cohen says. The privately held MPA buys multifamily properties across geographically diverse regions. "M/P/A adheres to a value-added investment strategy in order to deliver higher-than-average returns for its institutional partners."
Cohen didn't disclose average returns of prior years but based on published industry standards, investors in trophy shelter product were seeing annual average returns of at least 20% prior to the recession.
Brickell Key is one of Miami's most desirable residential communities because of its proximity to Miami Beach, Key Biscayne, South Beach and Fisher Island. Average rents are $2,500 per month. Rents starts at $1,400. The penthouse is $4,300.
Metropolitan Properties, with regional offices in Philadelphia and Dallas, owns and manages 7.5 million sf of real estate in the United States.
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