Avison Young Completes $55 Million Sale Of Bulk Oceanfront Residential Condos

Avison Young announced the completion of a $55 million bulk condo sale of Surf House, a high-end oceanfront eight-story 36-unit building located at 8995 Collins Avenue in Surfside.
Avison Young’s Michael T. Fay, Principal and Managing Director, Miami, and John K. Crotty, CCIM, Principal also with Avison Young, represented the sellers, 8995 Surf House and each respective resident owner and board representative (31 parties total), during the transaction with JMH Development, LLC.
 

“With the construction of a new Four Seasons hotel directly adjacent to the property and two additional upscale multifamily / hotel projects in the immediate area, Surf House was appealing to several investors and developers competing for a rare waterfront redevelopment prospect that would complement the community,” said Fay. “It was a pleasure to see this transaction through with the buyer, JMH Development, which has announced plans for the development of a new 12-story structure on the site.”

Due to the intricacies of the various transactions required to take place within a short timeframe, Avison Young was brought on by the Surf House Condo Association to conduct a valuation on the asset and represent each condo unit owner in negotiations to result in higher yields. Throughout the atypical Surf House deal, Fay and Crotty demonstrated their deep understanding of marketplace economics which contributed to Avison Young’s Miami Capital Markets team – led by Fay – completing investment sales in less than one year valued at close to $300 million. Additionally, the team has $100 million worth of deals under contract and $200 million more in the pipeline.
Joe Hernandez, Partner with Weiss Serota Helfman Cole & Bierman and Chair of the firm’s Real Estate Practice Group, represented the Surf House Condo Association and worked closely with Avison Young during the bulk sale.
 

“Investment sales activity throughout Florida is outperforming previous years – at its strongest since the Great Recession – with the multifamily market being one of the most active investment areas for both private and institutional investors,” said Crotty. “At the same time, with rising construction costs, savvy investors and developers are betting on properties that will ensure the best potential for return on investment, which made Surf House such a valuable opportunity and allowed for favorable outcomes for our clients.”

Situated in a prime location within Surfside, Surf House is within walking distance of world-class shopping, public beaches, parks and recreational facilities including a new Community Center and Aquatics Facility. With approximately 5,800 residents and thousands of visitors each year, the Town of Surfside lies between the City of Miami Beach to the South and the Village of Bal Harbour to the North.

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