An investment fund affiliated with one of the largest real estate brokerages bought a skyscraper in Miami for $ 132 million in an extremely strong multi-family market.
On January 10, an affiliate of funds sponsored by CBRE Global Investors purchased the Shorecrest Club on Biscayne Bay from an affiliate of the Atlanta-based ECI Group.
Shorecrest Club has 21 and 20 story towers with 4,200 square feet of retail space. It was built in 2015 on 2.85 acres at the foot of Northeast 79th Street before becoming the Kennedy Causeway leading to North Bay Village and Miami Beach.
The sale of the 467 unit property at 7950 NE Bayshore Court is for $ 282,869 per unit.
Shorecrest Club is one of only two luxury apartment communities built in the area this cycle. At the same time, multi-family is one of South Florida’s hottest real estate sectors, fueled by strong demand.
âDevelopment of the neighborhood surrounding the Shorecrest Club began as early as the 1930s and the area has been fully built up for many years,â said Still Hunter, executive vice president of CBRE Group Inc. in Fort Lauderdale, in a press release. . “Shorecrest Club is a great investment opportunity for new owners.”
Hunter, CBRE vice president Kevin Geiger in Atlanta and senior vice president Chris Smiles in Boca Raton represented the seller.
CBRE Global Investors is an investment manager in real estate infrastructure and private equity with institutional clients. It has more than $ 106 billion in assets under management, according to its website.
Miami is one of its main markets, Robert Perry, head of U.S. strategic partners for CBRE Global Investors, said in the statement.
âWith an economy that has resurfaced over the past decade and continues to benefit from population and employment growth coupled with a limited multi-family supply pipeline, Miami is our target market,â said Perry.
Shorecrest Club is located north of the booming historic MiMo district and close to Miami’s Upper East Side neighborhood.
South Florida’s multi-family markets continue to be a healthy place. Strong demand drove rents up, which caught the attention of investors who shop everywhere from downtown to the suburbs.
In one of the latest deals, a subsidiary of investment management firm Nuveen LLC, which is part of financial services provider TIAA-CREF, purchased the mid-sized Sole at City Center in downtown West Palm Beach, for $ 103.5 million.
In the biggest deal since early 2019, NexPoint Residential Trust Inc., a Dallas-based publicly traded real estate investment trust, bought the massive 1,520-unit Avant from Pembroke Pines for $ 322 million. .
CBRE Global Investors plans to reposition its new property through its exclusive tenant services and amenity program Above & Beyond for Living.
Existing amenities include a dock, swimming pool, sauna, gym, business center, covered parking, and on-site management and maintenance, according to the Shorecrest website. Units have stainless steel appliances, granite counters, washers and dryers.
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