Multifamily

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|

Cushman & Wakefield Negotiates $7.1M Sale of Holly House Apartments in North Miami

Calum Weaver and Perry Synanidis Represented Barry University in the Disposition of the Now Vacant 57-Unit Student Housing Community MIAMI, FL — Cushman & Wakefield announced today that it has negotiated the sale of Holly House, a 57-unit, value-add apartment community located at 11950 NE 2nd Avenue in North Miami, FL. Calum Weaver and Perry Synanidis of Cushman & Wakefield’s South Florida Multifamily Team negotiated the disposition on behalf of Barry University, Inc. The 45,396-square-foot asset was acquired by Holly House Partners, LLC, a subsidiary of Freshwater Group — a New York investment firm led by Alfred Sayegh — for $7.1 million. “Sayegh is a big believer in the strength of the Miami residential market and has been very active with residential acquisitions over the past several years,” said Weaver. Holly House is a three-story multifamily community developed in 1968 and acquired by Barry University in 2009 to serve as student housing for the school’s growing enrollment. The university recently built new dormitories [...]

2018-04-23T18:43:03+00:00 November 15th, 2017|Capital Markets, In the News, Multifamily, Press Release|

The Bainbridge Cos. Selects Cushman & Wakefield to Market Luxury Coral Springs Apartments

The South Florida Multifamily Team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn Were Selected to Market Bainbridge Coral Springs, a New 250-Unit Core Multifamily Community CORAL SPRINGS, FL, October 26, 2017 — Cushman & Wakefield announced today that it has been named exclusive advisor for the disposition of Bainbridge Coral Springs, a recently completed, 250-unit core multifamily community in northern Broward County. The South Florida Multifamily team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn were selected to market the asset by Wellington, FL-based owner The Bainbridge Companies. The property has been brought to market unpriced. “Pricing of similar assets are exceeding $300,000 per unit,” said Given. Bainbridge Coral Springs comprises seven, five-story residential buildings offering a mix of one-, two- and three-bedroom apartment homes with modern kitchens, stainless steel appliances, nine-foot ceilings, hardwood-style flooring, washers and dryers, oversized walk-in closets, built-in storage systems, a screened patio or balcony, USB-equipped power outlets and elevator service. The average [...]

2018-04-23T18:43:04+00:00 October 27th, 2017|Florida, In the News, Multifamily|

Cushman & Wakefield Named Exclusive Agent for Spectra Apartments

The Florida Multifamily Group Expects the New Class A Fort Myers Community to Draw Interest From a Broad Range of Investors FORT MYERS, FL, October 10, 2017 — Cushman & Wakefield, as exclusive marketing agent, has announced the launch of its marketing campaign for Spectra Apartments, a newly constructed Class A multifamily community in Fort Myers, FL. Developed by Naples, FL-based Stock Development, the offering presents a prospective investor the opportunity to acquire one of the newest and highest-quality apartment communities in Southwest Florida. The marketing team for Spectra will be led by Robert Given, Zachary Sackley, Luis Elorza, Brad Capas and Neal Victor of the Cushman & Wakefield’s Florida Multifamily Team. Spectra Apartments was completed in July 2017 and comprises 324 apartments in 12, three-story apartment buildings. The property provides a unique combination of construction and design features that will be very appealing to the investment community, offering concrete block construction; 9’ 4” ceiling heights; oversized units; [...]

2018-04-23T18:43:05+00:00 October 10th, 2017|Capital Markets, In the News, Multifamily, Office, Press Release|

Cushman & Wakefield Lists Downtown Fort Lauderdale’s The Queue Apartments

The South Florida Multifamily Team of Robert Given, Troy Ballard, Zachary Sackley and James Quinn Were Selected to Market the 191-Unit Boutique Urban Core Asset by Urban Street Development and Fazio Properties FORT LAUDERDALE, FL,  — Cushman & Wakefield announced today that it has been named exclusive advisor for the disposition 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 were selected to market the asset by its owners, Urban Street Development and Fazio Properties. 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 with an average market rent of $1,930 ($2.39 per square foot). The asset was completed earlier this year [...]

2018-04-23T18:43:09+00:00 October 6th, 2017|Capital Markets, In the News, Multifamily, Press Release|

Capital Markets Veterans Elorza and Capas Rejoin Cushman & Wakefield

Senior Directors Luis Elorza and Brad Capas Take Leadership Roles at Cushman & Wakefield to Focus on Expanding the Firm’s Multifamily Presence on the West Coast of Florida MIAMI, FL — Cushman & Wakefield announced today that Senior Directors Luis Elorza and Brad Capas have rejoined the firm as members of the firm’s rapidly expanding Florida multifamily brokerage team led by Vice Chairman Robert Given. In their new roles, the duo has assumed responsibility for expanding Cushman & Wakefield’s apartment brokerage presence along Florida’s West Coast, extending from Greater Tampa through Naples. Cushman & Wakefield’s Florida Capital Markets team, led by Given, now includes Elorza and Capas leading West Florida; Jay Ballard and Ken Delvillar leading Central Florida; Zachary Sackley, Calum Weaver, Troy Ballard, Neal Victor and Errol Blumer leading South Florida; and Robert Kaplan, Christopher Lentz and Mark Rutherford handling debt, equity and structured finance. “We are thrilled to have Luis and Brad lead our Greater Tampa and West Coast multifamily efforts for Cushman & Wakefield,” said Larry [...]

2018-04-23T18:43:11+00:00 August 11th, 2017|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates $8.2M Sale of Caribbean Isle Villas

The South Florida Multifamily Team of Calum Weaver, Robert Given, Troy Ballard, Zachary Sackley and Perry Synanidis Secured the Sale of a 78-unit Fractured Condominium Property MIAMI, FL — Cushman & Wakefield announced today that it has negotiated the sale of 78 out of 252 units within Caribbean Isle Villas, a residential condominium asset located at 2700 Pacific Boulevard NE in Homestead, FL. Cushman & Wakefield’s South Florida Multifamily Team of Calum Weaver, Robert Given, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the disposition on behalf of BC Caribbean, LLC. The asset was acquired by AQRE Caribbean, LLC for $8.2 million ($96 per square foot). Caribbean Isle Villas was built in 2007 and is located in the eastern Homestead area, just south of Homestead Hospital. The unit mix includes 52 two-bedroom and 26 three-bedroom units. Interior finishes include granite countertops, light wood cabinetry, white appliances, in-unit washer/dryer and tile flooring. Community amenities include a large resort-style swimming pool, 24-hour manned gated security, a community clubhouse, [...]

2018-04-23T18:43:12+00:00 July 14th, 2017|Capital Markets, In the News, Multifamily, Press Release|

Cushman & Wakefield Negotiates $27M Sale of Miami International Logistics Center

Cushman & Wakefield Represented Keating Resources in the Disposition of the ±506,000-Square-Foot Warehouse and Distribution Facility and Prime Redevelopment Opportunity MIAMI, FL — Cushman & Wakefield announced today that it has negotiated the sale of Miami International Logistics Center, a ±506,000-square-foot warehouse and distribution facility and prime infill redevelopment opportunity in Hialeah, FL. Executive Managing Director Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner, in conjunction with the South Florida Industrial Brokerage Team of Executive Director Wayne Ramoski and Director Gian Rodriguez and the Florida Multifamily Brokerage Team of Vice Chairman Robert Given and Senior Managing Director Troy Ballard, represented Keating Resources in the disposition. Dallas-based Lincoln Property Company acquired the asset for $27.38 million. Miami International Logistics Center is a 506,300-square-foot distribution and warehouse facility developed in 1960 on a ±20.6-acre site at 725 Southeast 9th Court. The building was 88 percent leased at the time of sale. The site is ideally located in the heart of Central Miami, one-half mile northeast of Miami International [...]

Cushman & Wakefield Negotiates $50M Sale of Cottage Cove Apartments

The South Florida Multifamily Team of Robert Given, Calum Weaver, Troy Ballard and Zachary Sackley Secured the Sale of the 468-Unit Property MIAMI, FL — Cushman & Wakefield announced today that it has negotiated the sale of Cottage Cove, a 468-unit residential asset located at 10 NE 188th Street. Cushman & Wakefield’s South Florida Multifamily Team of Vice Chairman Robert Given, Executive Vice President Calum Weaver, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst Perry Synanidis negotiated the disposition on behalf of TM Real Estate Group, LLC. The asset was acquired by Marlin Spring Realty Limited for $50 million ($151 per square foot). Cottage Cove consists of 468 units in 100 buildings. The first phase of the property featured 94 quadplexes. The second phase included six two- and three-story buildings. The unit mix includes studios, one- and two-bedroom units. Non-renovated interior finishes include Formica countertops, white wood cabinetry, white appliances, and carpet flooring. Select units have [...]

2018-04-23T18:43:13+00:00 June 16th, 2017|Capital Markets, In the News, Multifamily, Press Release|