Coral Gables, FL – March 30, 2012 – (RealEstateRama) — CBRE arranged the sale of a 34-unit multi-housing property located at 501–525 Valencia Avenue. The Coral Gables property was purchased by Miami-based TM Real Estate Group for $4.5 million. CBRE marketed the property and negotiated the transaction on behalf of the seller, H&V Partners, LLC.
Built between 1948 and 1958, the property has a total 24,978 rentable square feet on a one-acre lot. Located in the heart of Coral Gables, the site is considered ideal for future development. The property was 95% occupied at the time of closing, offering steady cash-flow for the new ownership.
“The multi-housing market in South Florida has seen rapidly improved market conditions and, as a result, an increase in sales transactions. Desirable locations with development potential are now garnering significant interest,” said CBRE sales professional, Calum Weaver.
Weaver is Director of Operations for the South Florida Private Capital (PCG) Multi-Housing Group. His team focuses exclusively on the marketing and disposition of multi-housing properties on behalf of private capital owners in South Florida.
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
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
