MIAMI—South Beach multifamily continues heating up and has seemingly reached a boiling point. CBRE is reporting the largest-ever multifamily portfolio sale on the beach.
Specifically, CBRE Multi-Housing Investment Properties Group brokered the sale of eight multifamily properties with a combined 113 units in South Beach. CBRE's Calum Weaver led the charge on the portfolio sale.
“This is the largest ever pure multi-housing sale on South Beach,” says Weaver, who represented the sellers. “The South Beach rental market is highly fragmented, with most properties totaling less than 20-units, so to see a deal of this size is exceptionally rare.”
Spanning 69,583 square feet, Boardwalk Properties FL acquired the South Beach multifamily portfolio from Pepis, Erogol, and Nanshar for $22.15 million. The multifamily properties are located at 705 Lenox Avenue, 762 Lenox Avenue, 710 Meridian Avenue, 825 Alton Road, 1501-1521 Michigan Avenue, 1600 West Avenue, and 1606 West Avenue.
Neil S. Rollnick, a real estate partner in the Coral Gables office of the national law firm of Hinshaw & Culbertson, represented the seller's interest. Rollnick is part of a team of Hinshaw real estate lawyers that have been involved in transactions totaling $500 million dollars in South Florida in the past 12 months. He could not immediately be reached for comment.
Marc D. Kleiner, founding partner of Kleiner Law Group and head of his firm's Real Estate and Transactional practice group, provided legal representation to the buyer in the acquisition and loan closings. He could not immediately be reached for comment.
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