The Real Deal Miami

$22M multifamily deal is South Beach’s largest

Record-breaking trade included eight properties

May 06, 2014 03:45PM

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705 Lenox Avenue, 762 Lenox Avenue and 710 Meridian Avenue

705 Lenox Avenue, 762 Lenox Avenue and 710 Meridian Avenue

South Beach has just seen its largest multifamily deal ever, CBRE announced.

A portfolio of eight South Beach multifamily buildings, totaling 113 units, traded for $22.15 million. CBRE’s Calum Weaver brokered the deal between seller Pepis, Erogol, and Nanshar and Boardwalk Properties FL, according to GlobeSt.

“This is the largest ever pure multi-housing sale on South Beach,” Weaver said. “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.”

The properties involved in the deal were: 705 Lenox Avenue, 762 Lenox Avenue, 710 Meridian Avenue, 825 Alton Road, 1501-1521 Michigan Avenue, 1600 West Avenue and 1606 West Avenue. [GlobeSt] Christopher Cameron

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