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

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

Miami /
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.


Related Articles

arrow_forward_ios
Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami (Google Maps, LinkedIn)
Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
renderings of the proposed three-tower development on the site of an existing Hyatt and the James L. Knight Center on the Miami River at 400 Southeast Second Avenue, Miami (Arquitectonica, Gencom, LinkedIn)
Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue (LinkedIn, Kushner, Morali via Sasha Maslov, Google Maps)
Kushner to co-develop multifamily project south of Hard Rock Stadium
Kushner to co-develop multifamily project south of Hard Rock Stadium
Shoma's Masoud Shojaee and Stephanie Shojaee with 3650 Bird Road (Shoma Group, Google Maps)
Shoma pays $34M for Miami apartment towers dev site
Shoma pays $34M for Miami apartment towers dev site
Starwood’s Barry Sternlicht (Getty, iStock)
Starwood’s a “sea of stability,” prepared for a recession, Sternlicht says
Starwood’s a “sea of stability,” prepared for a recession, Sternlicht says
Renderings of the Emerald Bay Apartments project (MSA Architects)
Hialeah apartment project scores $67M construction loan
Hialeah apartment project scores $67M construction loan
arrow_forward_ios

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

Loading...