The Real Deal Miami

Zom lists Monarc at Met downtown Miami apartment tower for sale

Broker says 32-story, 462-unit luxury building could trade for “well over” $200M
By Katherine Kallergis | September 21, 2018 04:30PM

Monarc at Met with Greg West of Zom and CBRE’s Still Hunter

Zom is looking to sell a luxury apartment tower in downtown Miami that could fetch “well over $200 million,” according to CBRE listing broker Still Hunter.

The apartment developer completed Monarc at Met, a 462-unit, 32-story building at 201 Southeast Second Avenue, in November 2016. Zom purchased the air rights to develop the rental portion from MDM Development Group, the master developer of the Metropolitan Miami project. The apartment component sits above a Whole Foods Market and parking garage.

CBRE’s Hunter, Chris Smiles, Ryan Reid, Malcolm McComb, Colleen Pentland Lally and Alex Taousakis are the listing agents.

Zom’s building features 30,000 square feet of amenities, including a game room with billiards, an entertainment room with demonstration kitchen, a movie theater room, a 4,000-square-foot gym, a heated saltwater pool, landscaped sundeck, yoga lawn, meditation deck, fire pit lounge, multiple grilling areas, and an outdoor gaming lounge.

Units range from 670-square-foot studios, starting at $2,220, to 1,400-square-foot three-bedrooms, asking up to $4,870, according to the building’s website. Apartments feature Nest thermostats, balconies and floor-to-ceiling windows. The building is 95 percent leased, according to a press release.

Overall, the Met Miami development also includes Met 1, a mixed-use condo tower; Met 2, the JW Marriott Marquis Miami, Hotel Beaux Arts Miami, Boulud Sud and Wells Fargo Financial Center.

A handful of new luxury apartment buildings have recently hit the market in South Florida, including Alliance Residential’s waterfront Broadstone Harbor Beach, which could sell for $160 million to $170 million based on comparable sales, according to broker Robert Given.