Greystar sells The Mile apartments for $40M

The apartments sold for $333K per unit

Miami /
Jan.January 13, 2020 12:30 PM
Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

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.

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.


Related Articles

arrow_forward_ios
The Coral Gables property (Compass / One Sotheby's)
Wealth manager buys waterfront Coral Gables mansion for $15M
Wealth manager buys waterfront Coral Gables mansion for $15M
Jose Mas with 100 Arvida Parkway and Armando Codina with 70 Casuarina Concourse (MasTec, Game Properties, Codina Partners)
In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
The six-bedroom Coral Gables house. (Compass / Zignavisual Photography, Del Toro Insurance)
Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
Ubiica’s Alejandro Salazar and Rodrigo Gana with 1533 Sunset Drive. (Google Maps)
Ubiica, Maven buy Coral Gables office building, parking lot for $9M
Ubiica, Maven buy Coral Gables office building, parking lot for $9M
The Collection CEO Ken Gorin and developer Ugo Colombo. (Getty, Spring Engineering)
Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership
Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership
J. Michael Arrington with the property (Getty, James Irwin / ONE Sotheby’s International Realty)
TechCrunch founder buys waterfront Coral Gables home
TechCrunch founder buys waterfront Coral Gables home
Marc Anthony and 300 Costanera Road (Getty, Mint Studios Miami)
Marc Anthony sells waterfront Coral Gables estate for $22M
Marc Anthony sells waterfront Coral Gables estate for $22M
8325 Cheryl Lane, Miami
Hedge fund executive pays $12M for Coral Gables spec mansion
Hedge fund executive pays $12M for Coral Gables spec mansion
arrow_forward_ios

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

Loading...