MIAMI—The Palm House just traded for the highest price per square foot on South Beach in more than six years. Located at 1010 Pennsylvania Avenue, the 16-unit multifamily property sold for $2,750,000 or $171,875 per unit.
The sale price totals $425 per square foot. According to CBRE, that's the highest price per square foot ever transacted for South Beach multifamily.
CBRE transacted the sale on behalf of the seller The Palm House, LLC. The asset was purchased by an all-cash foreign buyer.
“This is the seventh multi-housing transaction we have completed this year on Miami Beach,” says Calum Weaver of CBRE's Multi-Housing Private Capital Group. “South Beach is an internationally recognized location that provides exceptionally strong multi-housing market fundamentals. Multi-housing rents have rebounded to above pre-recession levels and occupancies are over 97% with no new rental supply forecasted for South Beach in the foreseeable future, the market should continue to command premier investment sale pricing.”
The Palm House has been fully renovated. Located in the heart of South Beach. The multifamily property is located within walking distance to all of South Beach's high streets including Lincoln Road, Ocean Drive, Collins, and Washington Avenues.
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