The Real Deal Miami

Miami broker guides $230M sale of rentals in Mexico

Tim Gifford of CBRE Latin America advised on the sale of the 2,125-unit portfolio to CIM Group
June 18, 2016 11:00AM

Tim Gifford of CBRE, Latin America, in Miami

Tim Gifford of CBRE, Latin America, in Miami

Miami-based Tim Gifford of CBRE Capital Advisors, Latin America, advised on the $230 million sale of a portfolio of 2,125 rental apartments in Mexico City and Monterrey, Mexico.

“We have seen a significant pick up in interest from global capital sources looking to allocate capital into the multifamily asset class in Latin America,” Gifford said in a press release issued by CBRE. “In addition to the recent Mexico multifamily portfolio closing, we are also advising on a joint venture with a Latin American developer for an 11,000-unit multifamily platform.”

CBRE reported that Los Angeles-based CIM Group bought the 2,125-unit portfolio from an unidentified buyer. The Class A apartments are located near universities and employment centers in Mexico City and Monterrey.

The portfolio also includes about 150,695 square feet of office space, plus more than 355,000 square feet of retail space leased by such tenants as Santander, DHL, Telcel, Copa Airlines and Farmacias Benavides.

The Miami-based Latin America unit of CBRE worked with the office of CBRE Mexico to close the deal.

According to CBRE’s 2016 survey of intentions among Latin American  investors, Mexico City was cited as one of the most attractive metropolitan areas for real estate acquisitions.