The Real Deal Miami

Canadian developer buys rentals near Miami Gardens for $50M

100-building deal breaks down to about $108k per apartment
June 15, 2017 05:30PM

Cottage Cove. Inset: Robert Given

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.