The Real Deal Miami

Multi-family property on Millionaire’s Mile goes up for sale

Castle Reef in Hillsboro Beach has 12 units, pool and parking

February 04, 2015 03:00PM

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Castle Reef aerial view

Aerial view of Castle Reef and the vacant lot, courtesy of CapasGroup

A patch of Millionaires’ Mile along Hillsboro Beach has gone up for sale.

The Castle Reef beachfront residential property and an adjacent acre of land have been listed by Fort Lauderdale-based CapasGroup Realty Advisors.

The two properties stretch from the beach to the Intracoastal Waterway, taking up roughly two acres. Castle Reef houses 12, 1,500-square-foot units, a beachfront pool and basement parking.

Hillsboro Beach is well known for its luxury homes and rental properties. CapasGroup said in a release that development opportunities  in the area are few, making Castle Reef a prime item for investors.

The multi-family property could be upgraded for condo sales or demolished in place of a new building, according to the release.

“Castle Reef will appeal to a combination of value-add investors, homebuilders and multifamily developers,” said said Brad Capas, President of CapasGroup in a statement. — Sean Stewart-Muniz