CBRE Closes Sale Of Two Apartment Assets For $232 PSF

Dec 18, 2014 No Comments by

CBRE arranged the sale of two apartment properties totaling 36 units in Coral Gables.

1206 Douglas Road totals 20 units and 3-15 Santillane & 910 Douglas Road total 16 units. The properties were acquired from Sidonia, LLC/Truenorth Santillane, LLC by Fipro Holdings, LLC for $6 million or $166,667 per unit or $232 per square foot.

CBRE represented the seller in the transaction.

 

“There was tremendous interest in the properties from a value-add and redevelopment perspective. Through our marketing process, the seller had multiple offers to consider. Ultimately, the buyer was selected based on their strong closing terms and detailed understanding of the property and market,” said Calum Weaver, Senior Vice President, CBRE Capital Markets, Investment Properties, Multifamily.

Ezra Rubin with Sidonia, LLC/Truenorth Santillane, LLC was pleased with disposition services provided by CBRE, stated “We appreciate your dedication and expertise throughout the disposition. The marketing process generated numerous qualified offers. We were very pleased with the service from start to finish. A job very well done.”

The CBRE Capital Markets, Investment Properties, Multifamily team, which includes Mr. Weaver, Richard Tarquinio and Perry Synanidis, specializes in the sale of apartment properties between $1 and $20 million, has closed more than $150 million in private capital sales to date.

 

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Industry News, Miami-Dade County Multifamily, Multifamily, NA
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