Cushman & Wakefield Arranges $96.5M Portfolio Sale

Cushman & Wakefield has arranged the sale of a portfolio of 452 apartment units and a 2,669 square foot office building located in Miami’s South Beach and Bay Harbor Island.

The final sale price was $96.5 million.

Calum Weaver, Robert Given, Zach Sackley, and Troy Ballard of Cushman & Wakefield represented the seller, Boardwalk Properties, in the transaction. Sentinel Corp., an independently owned real estate investment management firm which currently has $7.4 billion of institutional quality real estate assets under management on behalf of 105 domestic and international clients, acquired the properties.

“Given the uniqueness of the portfolio, the largest number of apartment units ever sold in South Beach, there was an unprecedented amount of investment interest in the properties,” Weaver said. “Out-of-state and foreign capital were extremely bullish on the generational opportunity to acquire a significant number of units in South Beach.”

The apartment units are within walking distance to South Beach’s attractions, including Lincoln Road, Ocean Drive, Collins and Washington Avenue. Over the past four years, Boardwalk Properties has invested $7 million to improve the properties, including gut renovating 61 units at 1600-1606 West Avenue and 1567 Meridian. The remaining 261 units have the potential to increase income with value-add improvements focused on interior upgrades.

The properties are located at:

  • 705 Lenox
  • 710 Meridian
  • 715 Michigan
  • 760-762 Lenox
  • 844-860 Euclid
  • 850 15th St.
  • 1135 8th St. 1600 West Ave.
  • 1606 West Ave.
  • 825 Alton
  • 948-952 Meridian
  • 951 Jefferson
  • 1017 Jefferson
  • 1025 Meridian
  • 1567 Meridian
  • 1110 Penn
  • 1226 Drexel
  • 1251 Euclid
  • 1326 Penn
  • 1336 Penn
  • 1348 Drexel
  • 1440 Euclid
  • 1455 Euclid
  • 700 Euclid
  • a two-story 2,669-square-foot office building located at 1211 Alton Rd.
  • 9200 E Bay Harbor Dr.
  • 9270 E Bay Harbor Dr.
  • 10150-10190 E Bay Harbor Dr.
  • and 1075 101 St. in Bay Harbor Island

 

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