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$22M multifamily deal is South Beach’s largest
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