Cushman & Wakefield Arranges Sale Of Two-Property Multifamily Portfolio In Off-Market Deal
The transaction was arranged by a Cushman & Wakefield team led by Roberto Pesant, Jose Mota and Wouter Lips, who represented both the seller and the buyer.
The transaction was arranged by a Cushman & Wakefield team led by Roberto Pesant, Jose Mota and Wouter Lips, who represented both the seller and the buyer.
To support its continued growth, Native is actively interviewing senior commercial real estate brokers to meet rising demand from its expanding client base.
The $32 million transaction closed quickly as an all-cash 1031 exchange acquisition, trading at a record price per unit for the submarket and a cap rate below 5 percent.
The Cove will rise on the site of a former hotel property, delivering 376 residential units in an eight-story building with structured parking.
The building, which dropped to a low of 62% leased during the pandemic, now stands at 97% occupied with a diversified tenant roster comprising 43 tenants in 15 distinct industries.
The portfolio, which totals 42 residential units, traded for a combined $8.87 million, equating to $211,190 per unit.
Senior Vice Presidents Steve Hyatt and Keith Graves, CCIM, SIOR represented the seller in the transaction.
Plans call for 2,874 residential units, including 200 townhomes, along with 400,000 square feet of retail, 125,000 square feet of Class A office space and a 185-room hotel.
The sales total nearly $16 million in value.
The $139 million project also ranks as the the second largest affordable senior housing development in Florida.
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