Portfolio Consists of Six Fully Renovated Properties Totaling 104 Units
MIAMI, March 15, 2019 — Cushman & Wakefield, as exclusive marketing agent, has launched the marketing campaign for a portfolio of six luxury multifamily properties comprising 104 units in Miami’s South Beach. Each property has been completely renovated with a total of over $7 million in capital improvements.
Executive Managing Director Calum Weaver, Senior Financial Analyst Perry Synanidis, Vice Chairman Robert Given, Executive Managing Director Zachary Sackley and Executive Managing Director Troy Ballard, with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, are marketing the portfolio’s disposition on behalf of the seller. The portfolio is being marketed as Lux South Beach.
The six buildings in the portfolio are situated in the heart of South Beach, within walking distance to the world-famous attractions on Lincoln Road, Ocean Drive, Collins Avenue and Washington Avenue. The portfolio is currently 98.1 percent occupied with no deferred maintenance, providing an opportunity for a new owner to acquire immediate critical mass in one of South Florida’s most sought-after markets.
The six properties in the portfolio are:
- 1501 Michigan Ave. – 36 units, 17,527 total square feet, average unit size of 482 square feet
- 1100 10th St. – 20 units, 10,605 total square feet, average unit size of 530 square feet
- 942 Lenox Ave. – 18 units, 12,670 total square feet, average unit size of 704 square feet
- 1606 West Ave. – 12 units, 7,800 total square feet, average unit size of 650 square feet
- 1135 Eighth St. – 12 units, 7,200 total square feet, average unit size of 600 square feet
- 1521 Michigan Ave. – 6 units, 3,812 total square feet, average unit size of 635 square feet
The properties were constructed between 1945 and 1969. They have been extensively updated, while still preserving their historic art-deco style, a trademark of the South Beach market. Renovations for each property were completed in 2018, with the exception of 1135 Eighth St., which was completed in 2015.
Most units have been gut-renovated with a variety of improvements such as impact windows and doors, all new electrical and plumbing, new HVAC systems, new kitchen cabinetry with marble tile backsplash and quartz countertops, all new stainless-steel appliances, updated bathrooms with bathtubs and vanity cabinets, and new washers/dryers.
“As the first fully renovated apartment portfolio to hit the South Beach market, Lux South Beach is a truly unique investment opportunity,” said Weaver. “With the exceptional renovations already made, the heavy lifting has been completed, and a new owner can focus on maximizing revenue as well as the potential for condo-conversion.”
According to market data, in the last 10 years, there have been just two portfolio sales consisting of over 100 units in the South Beach, but neither were fully renovated.
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Weaver, Synanidis, Sackley and Ballard, as well as Neal Victor, James Quinn and Errol Blumer in South Florida; Jay Ballard and Ken Delvillar in Orlando; Luis Elorza, Brad Capas, Nicholas Meoli and Michael Donaldson in West Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida