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
Ofizzina office tower in Coral Gables (TSG)
Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
From left: Brian Long and Liz Day in front of 6901 Granada Boulevard (Attentive, The Carroll Group, iStock)
Tech CEO, New York Times reporter buy waterfront Coral Gables mansion for $20M
Tech CEO, New York Times reporter buy waterfront Coral Gables mansion for $20M
Stephen Bittel of Terranova Corporation in front of 93 Miracle Miles, Coral Gables (Terranova Corporation, LoopNet)
In $7M deal, Terranova adds another Miracle Mile building to Coral Gables portfolio
In $7M deal, Terranova adds another Miracle Mile building to Coral Gables portfolio
Student housing developer buys assemblage near University of Miami for $23M
Student housing developer buys assemblage near University of Miami for $23M
Student housing developer buys assemblage near University of Miami for $23M
220 Alhambra Circle in Coral Gables, FL. and Fortress Investment Group’s Wesley Edens and Pete Briger Jr. (Google Maps, Getty, Long Arc)
Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal
Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal
A view of Coral Gables along the corner of Coral Way and Segovia Street (Google Maps)
Mistaken zoning? Coral Gables takes first step to reverse allowing taller buildings in one area
Mistaken zoning? Coral Gables takes first step to reverse allowing taller buildings in one area
UM booster John Ruiz wants to launch Coral Gables football stadium effort
UM booster John Ruiz wants to launch Coral Gables football stadium effort
UM booster John Ruiz wants to launch Coral Gables football stadium effort
Lease roundup: Apollo Capital expands to Brickell, Pura Vida to Coral Gables
Lease roundup: Apollo Capital expands to Brickell, Pura Vida to Coral Gables
Lease roundup: Apollo Capital expands to Brickell, Pura Vida to Coral Gables
arrow_forward_ios

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

Loading...