105-Unit Multi-housing Community Sold for $4.55 Million
Homestead, FL – March 27, 2012 – (RealEstateRama) — CBRE arranged the sale of a Card Sound, a 105-unit bank-owned property in Homestead, FL. The property at 27707 South Dixie Highway was acquired for $4.55 million ($94 per square foot or $43,336 per unit) from Community Bank of Florida by a foreign investment group known as 105 Units Homestead Investment, LLC.
“Private capital continues to aggressively seek multi-housing investment opportunities in South Florida,” said CBRE’s Calum Weaver, Director of Operations for the South Florida Multi-Housing Group. “Seven out of our team’s last eight multi-housing private capital sales have been to foreign buyers, further supporting the region’s allure as an international investment center.”
The 48,394-square-foot property was largely vacant when it reverted to bank ownership in 2010. TM Real Estate Group based in Miami was hired to assist in the leasing and management of the property. By early 2012, Card Sound was 50 percent occupied.
Weaver marketed the property for sale and negotiated the transaction on behalf of the seller. Weaver credits CBRE’s dominant market position around the world for his team’s unparalleled access to foreign investors.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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