MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of the Beach Place Apartments, (top left photo) a 308-unit multi-housing complex in Sunny Isles, Florida.
The HFF team of director George Vail, associate director Jaret Turkell and real estate analyst Scott Wadler served as the exclusive sale advisor to owner of the property, Sky Development.
The buyer of the property was a fund operated by Jamestown Properties, a real estate investment firm funded by German investors with its U.S. headquarters in Atlanta. The sale price was $31.25 million or approximately $101,000 per door.
The 93% leased property has four six-story buildings with one- and two-bedroom units averaging 901 square feet each. Community amenities include a pool, spa, fitness center and clubhouse with billiards room.
“Beach Place Apartments boasts a world class location, one block from the Atlantic Ocean in highly desirable Sunny Isles. The high barrier-to-entry location and the recent high quality renovations make the property an excellent condominium conversion candidate in the future, as well as a strong rental location,” said Vail.
“The transaction closed in under one week with flawless execution - a tribute to the buyer, seller and their respective counsel and advisors,” added Turkell. “That the ultimate buyer of this unique property was a prominent investment group backed by European capital is a testament to how the international community views greater Miami and Sunny Isles as a very desirable venue for long-term investments.”
Contacts:
George Vail, HFF Director, 305) 448-1333, gvail@hfflp.com
Jaret Turkell, HFF Associate Director, ((305) 448-1333, jturkell@hfflp.com
Kristin Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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