Canadian developer buys rentals near Miami Gardens for $50M

100-building deal breaks down to about $108k per apartment

TRD MIAMI /
Jun.June 15, 2017 05:30 PM

A Canadian developer just swept up a 468-unit residential development near Miami Gardens for $50 million.

Toronto-based Marlin Spring bought the Cottage Cove Apartments at 10 Northeast 188th Street, Cushman & Wakefield announced on Thursday. The 100-building deal breaks down to about $32,000 per apartment and $151 per square foot.

Cushman’s Robert Given, Calum Weaver, Troy Ballard, Zachary Sackley and Perry Synanidis represented the seller, TM Real Estate Group, which is led by Matthew Pellar.

The deal includes studios, one- and two-bedroom units. The first phase of the property featured 94 quadplexe buildings, and phase two included six two- and three-story buildings. Amenities include a recently re-developed laundry building, a swimming pool and an on-site leasing office.

The property is 97 percent occupied and with an average rent of $1.40 per square foot, according to a release. Units range from 406 square feet to about 1,200 square feet, according to Apartments.com.

The multifamily deal is one of many to close in South Florida over the past couple of months.

Late last year, a bulk apartment and condo property in Miami Gardens sold for $36.2 million, or about $100,000 per unit. – Amanda Rabines

Correction: An earlier version of this story incorrectly identified the per-unit sales price and the buyer. Marlin Spring purchased the property for about $107,000 per apartment.


Related Articles

arrow_forward_ios
Asi Cymbal and a rendering of the project

Asi Cymbal closes on multifamily dev site in Dania Beach

Asi Cymbal closes on multifamily dev site in Dania Beach
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Lissette Calderon and a rendering of the site

Lissette Calderon buys land for third rental project in Allapattah

Lissette Calderon buys land for third rental project in Allapattah
South Florida rents are starting to fall (Credit: iStock)

South Florida rents starting to fall, especially in Coral Gables

South Florida rents starting to fall, especially in Coral Gables
Alex Rodriguez and Erin Knight with Laguna Place in Kissimmee (Credit: Michael Loccisano/Getty Images)

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus
Rendering of development

Pompano Beach multifamily development with workforce housing advances

Pompano Beach multifamily development with workforce housing advances
A rendering of the project at 2717 Van Buren Street

French developer plans to build a cluster of rentals in Hollywood

French developer plans to build a cluster of rentals in Hollywood
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...