Greystar looks to sell luxury rental building The Mile near Coral Gables

Monogram paid $48M for the newly completed building in 2017

Sep.September 30, 2019 09:45 AM

The Mile, Robert Given and Troy Ballard

A luxury apartment development near Coral Gables is hitting the market, and it could sell for more than $40 million, based on recent sales.

Greystar tapped Cushman & Wakefield to list the 120-unit building at 3622 Southwest 22nd Street without an asking price. Listing broker Robert Given said that comparable properties have sold for about $350,000 per unit. That would put the price at $42 million.

Given, Troy Ballard, Zachary Sackley, Calum Weaver and James Quinn of Cushman are all listing the property.

Monogram Residential Trust, which Greystar acquired in 2017, paid $48 million, or $400,000 per unit, for The Mile at the end of 2015.

The Mile also includes 3,000 square feet of ground-floor retail space, a resort-style pool, deck, gym, lounge, and a gated parking garage, according to a release.

Ballard said that rents average $2,200 a month, or $2.50 per square foot, at the building. Units average just under 900 square feet, and the building is about 95 percent occupied.

The multifamily market has remained strong in South Florida, and Given said that there’s significant demand for properties from domestic and offshore buyers.

He said family funds from New York and California are looking to park their money in South Florida’s multifamily market, driven in part by the tax benefits and the new rent control legislation in both states.

“That capital is coming from so many different directions – domestic institutions, buyers from New York and California,” Given said. “If you move to Orlando or Tampa, you’re not going to see that type of activity. The population trends here are stronger, more robust.”

Earlier this year, NexPoint Residential paid $322 million for a 1,520-unit multifamily property in Pembroke Pines, which marked the largest multifamily sale in South Florida this year.

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