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
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