Greystar sells The Mile apartments for $40M

The apartments sold for $333K per unit

Sen. Luis Sepúlveda and Monsignor Raul Del Valle Square (Credit: Google Maps)
Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar Real Estate Partners sold the luxury apartment development The Mile near Coral Gables for $40 million.

Charleston, South Carolina-based Greystar sold the 120-unit building at 3622 Southwest 22nd Street in Miami for $333,333 per unit, records show. Miami-based Acumen Real Estate purchased the property.

Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley, Calum Weaver and James Quinn listed the property in September.

Monogram Residential Trust, which Greystar acquired in 2017, had paid $48 million for the site and three nearby properties in 2015, records show.

Built in 2016, The Mile totals 234,992 square feet, records show. It sits on a 0.87-acre lot.

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The Mile includes 3,000 square feet of ground-floor retail space, a resort-style pool, deck, gym, lounge, and a gated parking garage. 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, Cushman & Wakefield said in September.

Greystar is one of the most active multifamily investors in South Florida and nationally, completing more than $14 billion of rental housing projects in the United States. In July, Greystar Real Estate Partners sold a 214-unit apartment development near Lake Worth Beach for $47.8 million.

In May, Greystar sold a North Lauderdale apartment complex to Eaton Vance Management for $46 million.

Acumen Real Estate owns the 149-unit The Fountains at Delray Beach and the 208-unit apartment complex Sunset Gardens in Southwest Miami-Dade County.