Multifamily

Cushman & Wakefield Report: Record Low Vacancies Highlight Bullish South Florida Multifamily Market​

Calum Weaver Authored Cushman & Wakefield’s 2018 South Florida Multifamily Midyear Market Update​ MIAMI, September 4, 2018— Cushman & Wakefield has released its 2018 South Florida Multifamily Midyear Market Update. The semi-annual report, authored by Executive Managing Director Calum Weaver of Cushman & Wakefield’s South Florida Multifamily Team, details the state of the multifamily market in the three counties comprising South Florida — Miami-Dade, Broward and Palm Beach. The report finds record low vacancy rates in a South Florida multifamily market supported by a continuing trend of positive historic market fundamentals. Significant highlights of the report include: Through the first two quarters of 2018, there were 133 multifamily sales in South Florida valued at nearly $2 billion. While year-over-year sales activity slowed for the second year in a row, these values are still the third-highest ever recorded in the first half of any year. As a whole, sales activity in South Florida was split relatively evenly [...]

2018-09-06T16:09:06+00:00 September 6th, 2018|Capital Markets, Florida, In the News, Multifamily, Press Release|

Cushman & Wakefield Arranges $59.75M Sale of Miami Apartment Community for Rilea Group

Advenir, Inc. Acquired Vista Verde at Westchester for $197,848 Per Unit MIAMI, August 15, 2018 – Cushman & Wakefield has negotiated the sale of Vista Verde at Westchester, a 302-unit, value-add apartment community, for $59.75 million. The property is adjacent to Florida International University, a public university with an enrollment of over 55,000 students, as well as a Publix-anchored shopping center. Vice Chairman Robert Given, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst James Quinn with Cushman & Wakefield’s Florida Multifamily Team represented Rilea Group in the disposition. The Miami-based real estate developer invests in value-add multifamily, office and retail properties throughout South Florida. The buyer is Advenir, Inc., an Aventura, Florida-based real estate investment company that acquires and operates multifamily communities throughout the United States on behalf of high-net worth and institutional investors. Vista Verde was built in 1993. The property traded for [...]

2018-08-17T14:54:58+00:00 August 17th, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates Sale of 69-Unit, Luxury Townhome Community in Hollywood, FL for $23M

Calum Weaver Represented Royal Oaks United, LLC in the Disposition HOLLYWOOD, FL (August 6, 2018) – Cushman & Wakefield has negotiated the sale of Royal Oaks Townhomes in Hollywood, FL, for $22.78 million. The luxury townhome community has 69 units and was 90 percent occupied at the time of sale. Executive Managing Director Calum Weaver, with Cushman and Wakefield’s Florida Multifamily Team, represented the seller, Royal Oaks United, LLC, in the disposition of the property. The buyer is Preston Giuliano Capital Partners, LLC, a private investment firm focused on the acquisition and repositioning of multifamily real estate in South and Central Florida. Royal Oaks Townhomes was completed in 2009. The fully gated community sits on 5.19 acres and features two-story units with three bedrooms, 2.5 bathrooms and 1,695 square feet of living space. Each residence includes a private garage, terraces and balconies and a semi-private back yard. Luxury community amenities [...]

2018-08-08T14:42:33+00:00 August 8th, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield to Market Dania Beach Mixed-Use Project

The South Florida Multifamily Team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn was Selected by ahs Residential to Market The Place at Dania Beach, a 144-Unit Multifamily Community with Ground-Floor Retail DANIA BEACH, FL — Cushman & Wakefield has been named exclusive advisor for the disposition of The Place at Dania Beach, a recently completed 144-unit luxury mid-rise multifamily community with 6,771 square feet of ground-floor retail in downtown Dania Beach. The South Florida Multifamily team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn was selected to market the asset by Miami-based developer ahs Residential. The offering is unpriced. The Place at Dania Beach was completed in 2017 and comprises a single seven-story residential building with ground-floor retail, a rooftop pool and amenity deck and attached structured parking. Units at The Place at Dania Beach average 890 square feet with an average market rent of $1,784 per unit. The property is already 100% leased. The [...]

2018-05-09T12:03:28+00:00 May 9th, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Completes Two South Beach Multifamily Sales Totaling $33 Million

The Beach is Back – Two Property Sales at 550 9th St. and 250 Collins Ave. Highlight Resurgence of Investor Interest in South Beach Multifamily Market MIAMI, FL – Cushman & Wakefield has negotiated the disposition of two multifamily properties in Miami’s South Beach totaling $33 million. The sales are indicative of increasing investor interest and sales activity in the South Beach market. Cushman & Wakefield Executive Managing Director Calum Weaver and Senior Financial Analyst Perry Synanidis represented the sellers in both transactions. The first transaction was a six-story, 52,133-square-foot redevelopment property at 550 9th St., which sold for $17.6 million, or $338 per square foot to 550 9th LLC. The seller was ADME Real Estate LLC. The second transaction was for a 23,260-square-foot ultraluxury property at 250 Collins Ave., which sold for $14.6 million to Drago Capital Miami LLC. The 27-unit property traded for $540,000 per unit, or $770 [...]

2018-04-23T18:42:57+00:00 March 28th, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Represents Stock Development in Record Fort Myers Multifamily Sale

$71 Million Transaction Sets New Price-Per-Unit Record FORT MYERS, FL — Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of Spectra Apartments for $71.425 million ($220,448 per unit). The per-unit price for the 324-unit community established a new high water mark for the Fort Myers market. Led by Vice Chairman Robert Given, the Cushman & Wakefield investment sales team responsible for executing the disposition was comprised of Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman. Spectra Apartments was developed and sold by Naples-based Stock Development. Stock has a long history of developing luxury single-family homes and Spectra marks its first completed multifamily asset. The property was acquired by an entity affiliated with Coastal Ridge Real Estate based in Malibu, CA. Completed in July 2017, Spectra consists of 324 luxury apartments in 12, three-story apartment buildings on 32.5-acre site. The average unit size is approximately 993 [...]

2018-04-23T18:42:58+00:00 March 2nd, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates Sale and Financing of Murano Apartments in Orlando

Robert Given, Jay Ballard and Ken Delvillar Negotiated the Sale and Robert Kaplan, Chris Lentz and Mark Rutherford Arranged the Financing of the 240‐Unit Luxury Apartment Community ORLANDO, FL — Cushman & Wakefield has arranged the sale and financing of Murano Apartments, a 240-unit luxury multifamily apartment community in the South Orlando/Hunters Creek submarket. The Cushman & Wakefield Multifamily Advisory team of Robert Given, Jay Ballard and Ken Delvillar represented the partnership of The Courtelis Company, Kislak Organization and HMG/Courtland Properties in the disposition. Aventura, FL-based Cardone Real Estate Acquisitions, LLC acquired the asset. Cushman’s Equity, Debt and Structured Finance team of Robert Kaplan, Chris Lentz and Mark Rutherford arranged the senior debt on behalf of the buyer. Murano Apartments is a three-building, four-story suburban mid-rise multifamily community built in 2016 on a ±9.5-acre site at 9932 Grande Lakes Boulevard. Located in southern Orlando, between Disney and the Orlando International [...]

2018-04-23T18:42:58+00:00 March 1st, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates $53M Sale of The Queue Apartments in Fort Lauderdale

The South Florida Multifamily Team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn Negotiated the Disposition of the 191-Unit Boutique Urban-Core Asset on behalf of Urban Street Development and Fazio Properties​ FORT LAUDERDALE, FL  — Cushman & Wakefield has negotiated the sale of of The Queue Apartments, a 191-unit boutique urban-core multifamily community located in downtown Fort Lauderdale. The South Florida Multifamily team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn negotiated the disposition on behalf of Urban Street Development and Fazio Properties. Miami-based Boardwalk Properties acquired the asset for $53 million ($277,487 per unit). The Queue Apartments comprises a single seven-story, mid-rise building totaling 153,963 square feet. The community offers a mix of studio, one-, two- and three-bedroom units ranging in size from 529 square feet to 1,275 square feet. The average unit at The Queue Apartments is 806 square feet. The asset was completed in 2017 and was 95 percent leased at the time of sale. Units at [...]

2018-04-23T18:42:59+00:00 February 23rd, 2018|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Brings Strada Wynwood Assemblage to Market

Robert Given, Robert Kaplan, Troy Ballard, Errol Blumer, James Quinn and Mark Rutherford were Named Exclusive Advisors in the Disposition of a 1.72-Acre Development Site in Miami’s Hottest Emerging Market MIAMI, FL — Cushman & Wakefield announced today that it has been named exclusive advisor for the sale of Strada Wynwood, a 1.72-acre assemblage of land at the intersection of NW 2nd Avenue and NW 25th Street in the heart of Miami’s emerging Wynwood neighborhood. The South Florida Multifamily team of Robert Given, Robert Kaplan, Troy Ballard, Errol Blumer, James Quinn and Mark Rutherford were selected to market the assemblage on behalf of the William & Doris Friedopfer Trusts. The land will go to market unpriced. The assemblage comprises 1.6 acres of contiguous land on seven lots in the southeast quadrant of NW 25th Street and NW 2nd Avenue — 2421 NW 2nd Avenue, 2431 NW 2nd Avenue, 2455 NW 2nd Avenue, 146 NW 25th Street, 172 NW 25th Street, 159 NW 25th Street and 169 NW 25th Street; [...]

2018-04-23T18:43:00+00:00 January 17th, 2018|Capital Markets, In the News, Multifamily, Press Release|

South Florida Multifamily Market Achieves Record Pricing

Calum Weaver Authored Cushman & Wakefield’s 2017 South Florida Multifamily Recap, Detailing Historic Per-Unit and Per-Square-Foot Pricing as well as Surging Tenant Demand MIAMI, FL — Cushman & Wakefield announced today that it has released its 2017 South Florida Multifamily Recap. The semi-annual report, authored by Executive Managing Director Calum Weaver of Cushman & Wakefield’s South Florida Multifamily Team, details the state of the multifamily market in the three counties comprising South Florida — Miami-Dade, Broward and Palm Beach. The report finds an eighth consecutive year of multifamily expansion in South Florida fueled by tremendous demand from both investors and tenants. Important highlights of the report include: To date in 2017, there have been 198 multifamily sales in South Florida valued at nearly $3.6 billion. The annual record of $5.6 billion was set in 2016. Approximately half of 2017 multifamily sales in South Florida have involved Class A product. In the past two years, 85% of [...]

2018-04-23T18:43:02+00:00 December 7th, 2017|Capital Markets, In the News, Multifamily, Press Release|