South Beach apartment portfolio up for sale at $65M
Rents average $1,380 per unit
September 22, 2015 04:30PMBy Sean Stewart-Muniz
Clockwise from left: An aerial view of the portfolio, CBRE agent Calum Weaver and the apartment building at 700 Euclid Avenue
A portfolio of 240 units in South Beach has been brought to market with a ballpark price of $65 million, CBRE announced on Tuesday.
The units are mostly housed in mid-rise, garden-style apartments between Seventh and 15th streets. Commercial brokerage CBRE, which is marketing the portfolio, said this assemblage is one of the largest ever made available for sale in the neighborhood’s history. The average size of an apartment transaction in South Beach was 16 units last year.
Calum Weaver of CBRE is the listing agent. The portfolio is managed by Bar Invest Group, an investment management firm with offices in Brickell.
The units average 615 square feet and range in size from studios to two bedrooms, a CBRE spokesperson told The Real Deal. The average rent is $1,380 per month, which breaks down to roughly $2.20 a square foot. Overall, rentals in South Beach average $3 per square foot.
“This is an unprecedented acquisition opportunity in one of the most glamorous urban beach communities in the world, where there’s no new apartments under construction and rents are among the highest in the world,” Weaver said in a news release. “Whoever acquires the portfolio will instantly become the second-largest apartment owner in all of South Beach. It’s virtually impossible to buy a critical mass of apartment units in South Beach.”
Here’s a list of the properties:
700 Euclid Avenue
715 Michigan Avenue
951 Jefferson Avenue
1017 Jefferson Avenue
1025 Meridian Avenue
1135 8th Street
1226 Drexel Avenue
1251 Euclid Avenue
1326 Penn Avenue
1348 Drexel Avenue
1455 Euclid Avenue
948-952 Meridian Avenue
1336 Penn Avenue
1440 Euclid Avenue
1110 Penn Avenue
Source: The Real Deal