CBRE Closes Largest South Beach Multi-Housing Sale

The CBRE Multi-Housing Investment Properties Group arranged the sale of eight properties totaling 113 multi-housing units in the South Beach section of Miami Beach.
The South Beach portfolio, spanning a total of 69,583 square feet, was acquired for $22.15 million by Boardwalk Properties FL, LLC from selling entities Pepis Corp., Erogol Corp. and Nanshar Corp. The properties are located at 705 Lenox Avenue, 762 Lenox Avenue, 710 Meridian Avenue, 825 Alton Road, 1501-1521 Michigan Avenue, 1600 West Avenue and 1606 West Avenue. CBRE represented the sellers in the transaction.
“This is the largest ever pure multi-housing sale on South Beach,” said Calum Weaver of CBRE’s Multi-Housing Investment Properties Group. “The South Beach rental market is highly fragmented, with most properties totaling less than 20-units, so to see a deal of this size is exceptionally rare.”
Mr. Weaver, based in Ft. Lauderdale, is a member of the CBRE South Florida Multi-Housing Investment Properties Group. He specializes in selling apartment properties between $1 and $20 million in South Florida and is the leading multi-housing sales broker on Miami Beach, completing 25 apartment sales totaling over $60 million in the past few years.
The seller’s legal interests were represented by Neil S. Rollnick, a real estate partner in the Coral Gables office of the national law firm of Hinshaw & Culbertson LLP. Mr. Rollnick is part of a team of Hinshaw & Culbertson real estate lawyers that have been involved in transactions totaling a half billion dollars in South Florida in the past 12 months.
Marc D. Kleiner, founding partner of Kleiner Law Group and head of his firm’s Real Estate and Transactional practice group, provided legal representation to the  buyer in the acquisition and loan closings.