CBRE Tapped To Sell South Beach's Largest Apartment Portfolio Ever Brought to Market

CBRE has been engaged to market the largest portfolio of apartment units ever brought to market in the heart of South Beach, an historic neighborhood in Miami Beach  renowned for its large collection of Art Deco architecture. The portfolio totals 240 units in mostly low-rise, garden-style apartments located between 7th and 15th Streets – a stone’s throw from the Lincoln Road pedestrian mall, the many Art Deco hotels that line Ocean Drive and Miami’s famous sandy white beaches.
CBRE’s Calum Weaver is marketing the portfolio on behalf of Miami-based Bar Invest Group, one of first operators of multifamily real estate in the Art Deco district of South Beach, and one of the largest since 2009.
 

“This is an unprecedented acquisition opportunity in one of the most glamorous urban beach communities in the world, where there’s no new apartments under construction and rents are among the highest in the world,” said Mr. Weaver. “Whoever acquires the portfolio will instantly become the second-largest apartment owner in all of South Beach. It’s virtually impossible to buy a critical mass of apartment units in South Beach.”

Multifamily market fundamentals in Miami are strong, and more so in South Beach which is ground zero for Miami’s nightlife and home to the annual Art Basel international art fair. Other notable characteristics of Miami’s multifamily market:

• South Beach rents average over $3 PSF – among the highest in the nation
• Miami’s multifamily vacancy is among the lowest in the country – 3.6% (Source: CBRE’s U.S. Multifamily MarketView, Q2 2015)
• Multifamily investment opportunities in South Beach are rare and typically small – the average size was 16 units in the last year

Bar Invest Group is a multidisciplinary company offering asset management, property management and brokerage services for commercial and residential properties in South Beach, and as well as the increasingly trendy neighborhoods of North Beach and Bay Harbor. Herve Barbera, Vice President, leads the firm’s Property Management division, focusing on rebranding and revitalizing residential properties and communities through  revenue-generating and profit-stabilizing management.
The properties in this portfolio are located at:
•    700 Euclid Avenue
•    715 Michigan Avenue
•    951 Jefferson Avenue
•    1017 Jefferson Avenue
•    1025 Meridian Avenue
•    1135 8th Street
•    1226 Drexel Avenue
•    1251 Euclid Avenue
•    1326 Penn Avenue
•    1348 Drexel Avenue
•    1455 Euclid Avenue
•    948-952 Meridian Avenue
•    1336 Penn Avenue
•    1440 Euclid Avenue
•    1110 Penn Avenue

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