MIAMI—A portfolio of 25 South Beach multifamily units has traded hands. James USA Capital acquired 13 units at 511-515 16th Street and 12 units at 1414 Euclid Avenue, two separately-owned properties, for $3.550 million. The sale price totals or $142,000 per multifamily unit. CBRE represented the sellers in the transaction.
“The Miami Beach multifamily market continues to be the most sought after commercial real estate in South Florida,” says Calum Weaver, first vice president of CBRE Investment Properties, Multifamily. “Both domestic and foreign investors are aggressively seeking value-add opportunities where they can reposition the properties to take advantage of the excellent market fundamentals. Rents in the submarket are at record levels and vacancies are virtually zero.”
In May, Weaver's team completed the largest-ever South Beach multifamily when it sold a 113-unit portfolio spanning eight properties for $22.15 million. The latest deal marks the 30th multifamily transaction on South Beach in the past few years for the CBRE South Florida Multifamily Investment Properties team.
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