Boardwalk Properties seeks sale of South Beach apartment portfolio

104-unit portfolio expected to trade for $27M, or $260K per unit, brokerage says

Miami /
Mar.March 14, 2019 09:45 AM

Calum Weaver

A portfolio of more than 100 apartment units in South Beach is hitting the market and is expected to sell for $27 million according to Cushman & Wakefield, The Real Deal has learned.

Boardwalk Properties owns the six renovated properties at 1501 Michigan Avenue, 1100 10th Street, 942 Lenox Avenue, 1606 West Avenue, 1135 Eighth Street and 1521 Michigan Avenue, property records show.

Cushman & Wakefield’s Calum Weaver, Perry Synanidis, Robert Given, Zachary Sackley and Troy Ballard are marketing the Lux South Beach portfolio, according to a release.

Boardwalk Properties made headlines in 2016 when it paid $59 million for a 15-property, 240-unit portfolio of apartments, also in Miami Beach. Boardwalk is only looking to sell one of the buildings it acquired in 2016, a 12-unit, 7,200-square-foot building with apartments averaging 600 square feet.

The other properties that are now being listed for sale include:

  • 1501 Michigan Avenue: 36 units, 17,527 square feet
  • 1100 10th Street: 20 units, 10,605 square feet
  • 942 Lenox Avenue: 18 units, 12,670 square feet
  • 1606 West Avenue: 12 units, 7,800 square feet
  • 1521 Michigan Avenue: 6 units, 3,812 square feet

Boardwalk invested $7 million in capital improvements for the Lux South Beach portfolio, including installing impact windows and doors, new electrical, plumbing and HVAC systems, new kitchens, updated bathrooms and new washers and dryers. The properties, built between 1945 and 1969, are 98.1 percent occupied.

Weaver said in the release that the units could be converted into condos by a new owner.

Boardwalk Properties, a Miami Beach-based company owned by the Gober family trust and Adam Walker, owns multifamily buildings in South Beach, North Beach, Bay Harbor Islands, Fort Lauderdale and Davie. In December, it paid $119 million for a nearly 400-unit apartment complex in Davie.


Related Articles

arrow_forward_ios
Frank Pellegrino Sr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Loews, Google Maps, Getty)
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Turnberry Associates' Jackie Soffer and LeFrak's Richard LeFrak with Rendering of the Villa Laguna (Turnberry Associates, Getty Images, SoLe Mia Rentals)
LeFrak, Soffer kick off leasing at SoLé Mia rental
LeFrak, Soffer kick off leasing at SoLé Mia rental
17141 Collins Ave, Sunny Isle
Muse Residences in Sunny Isles Beach tops weekly condo sales
Muse Residences in Sunny Isles Beach tops weekly condo sales
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
A photo illustration of 12203 Tillinghast Circle in Palm Beach Gardens (top) and 6300 North Bay Road in Miami Beach (Getty Images, Old Palm Golf Club, Coldwell Banker)
Flipping crazy: South Florida’s top resi flips of the year so far, ranked
Flipping crazy: South Florida’s top resi flips of the year so far, ranked
Don Peebles, in partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, wants to build a six-story office and apartment building on a city-owned parking lot (Rendering courtesy of 1664 Meridian Ave General Partner LLC)
Miami vs NYC: A developer’s guide
Miami vs NYC: A developer’s guide
From left: Monroe Capital’s Theodore Koenig, Steve Witkoff, HFZ's Ziel Feldman and Benny Shabtai with the Shore Club (Monroe, Witkoff, HFZ, Getty)
Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach
arrow_forward_ios

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

Loading...