CBRE fund pays $132M for Shorecrest Club Apartments in Miami
467-unit project sold for $283K per door
A CBRE Global Investors sponsored fund paid $132.1 million for a large apartment complex at the entrance to the 79th Street Causeway in Miami.
Property records show Upper East Side Miami LLC sold the Shorecrest Club Apartments to SPUS9 Bayshore LP. The 467-unit bayfront apartment buildings sold for about $283,000 per unit.
ECI Group, a multifamily development, investment, management and brokerage firm based in Atlanta, sold the property at 7950 Northeast Bayshore Court. ECI co-developed the project with Adler Development and Canyon Capital Realty Advisors LLC.
CBRE’s Still Hunter, Kevin Geiger and Chris Smiles represented the seller, according to a press release from the brokerage. Hunter said in a statement that Shorecrest Club is one of two luxury rental communities completed in the area this cycle. It was also the largest apartment project completed in 2015, according to RentCafe.
The developers paid $6 million for the 2.85-acre site in 2012. They financed the project with loans from Capital One and Canyon Capital.
CBRE Global Investors plans to reposition the project, which consists of a 20-story tower and a 21-story tower, by implementing CBRE’s tenant service and amenity program, according to the release. The development includes 4,200 square feet of retail space.
Units range from 685 square feet to 2,011 square feet and include one- and two-bedrooms apartments. Amenities include a pool deck, spa and gym, theater and parking garage.
The 79th Street Causeway connects Miami to North Bay Village, Normandy Shores and North Beach. Shorecrest Club is in the Shorecrest neighborhood, near MiMo and the Upper East Side.
Robert Perry, who heads CBRE Global Investors’ Strategic Partners U.S., said the fund is focusing on Miami, citing the area’s economy, population and job growth.
Fueled by those factors, developers have been in a multifamily building frenzy in recent years. South Florida will see nearly 16,000 apartments delivered this year, according to a recently released report from Berkadia. That marks the highest number of annual deliveries so far this cycle.