Ft Lauderdale, FL – February 6, 2013 – (RealEstateRama) — The CBRE Multi-Housing Private Capital Group is pleased to announce the sale of 31 apartment units located at 7609-7617 Carlyle Avenue (16-units); 7635 Dickens Avenue (8-units); and 531 76 Street (7-units) in Miami Beach, Florida. The 31-units sold for $3,308,000 or $106,710 per unit or $161 per square foot. CBRE represented the seller, Carlyle Dickens LLC, a local private capital group. The buyer was a private capital group, GWPV One, LLC.
This is the third multi-housing transaction the CBRE Private Capital Group has completed on Miami Beach in the last six months.
“Miami Beach continues to exhibit strong investor demand. Most buildings have greater than 95% occupancies, and rents are above the record levels witnessed before the economic downtown. The strong fundamentals coupled with Miami Beach’s international appeal provide significant investor interest,” stated Calum Weaver, Director of Operations for CBRE’s Private Capital Group. “The three transactions we completed within the last year on Miami Beach were all to foreign buyers. We are fortunate to have a marketing platform with offices in more than 50 countries that allow us to tap into domestic and foreign investors that is unparalled within the industry.”
In 2012, the CBRE Private Capital Group completed 21 multi-housing sales in South Florida on behalf of private investors, the majority of which were sold to foreign-based private investors.
The three deals closed by CBRE’s Private Capital Group in the last year include:
7609-7617 Carlyle Avenue, 7635 Dickens Avenue, and 531 76 Street – 31 units purchased ($106,710 per unit or $161 per sq. ft.) Closed February 1.
925-965 Marseille Drive, Miami Beach – 27 units purchased for $2,607,000 ($96,556 per unit or $149 per sq. ft.) Closed December 17.
6905-6921 Rue Vendome, Miami Beach – 30 units for $2,600,000 ($86,667 per unit or $138 per sq. ft.) Closed November 15
Weaver, based in Miami and Ft. Lauderdale, is a member of the CBRE South Florida Multi-Housing Private Capital Group. He and team member Richard Tarquinio specialize in selling apartment properties between $1 to $20 million in the South Florida market.
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.
Marketing Director, FL
elizabeth.cross (at) cbre (dot) com
Marketing Specialist, FL
kelliann.mcdonald (at) cbre (dot) com