MIAMI, FL — Cushman & Wakefield, as the exclusive agent has arranged the sale of a 27-unit, waterfront multifamily asset in Miami Beach for $4,935,000. The rental property, at 925-965 Marseille Drive in Miami Beach, is 100% occupied.
Executive Managing Director Calum Weaver and Senior Financial Analyst Perry Synanidis, with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, arranged the sale on behalf of Bar Invest Group. Led by Herve Barbera, Bar Invest Group is a Miami-based real estate investment firm that manages a growing portfolio of properties across the United States. The buyer is a joint-venture between 25 Chaim, LLC and 925 Debbie, LLC. FM Capital’s Daniel Kaweblum arranged the 10-year, fixed non-recourse debt for this transaction.
The apartment property is comprised of five one-story buildings with one-bedroom, one-bathroom residences averaging 647 square feet in size. The average market rent is $1,350.
The property was built in 1950 and was recently fully renovated with new ceramic tile flooring, new kitchen cabinets and countertops, updated bathroom vanities and tile, new air conditioners, new doors and hurricane-impact windows, new electrical and plumbing and updated landscaping.
Situated in the North Beach neighborhood, the property enjoys over 200 feet of canal frontage, providing scenic views. It is within walking distance to the beach, the famous Collins Avenue and an array of fine retail and dining destinations.
“The North Beach area of Miami Beach has long been in the shadow of other areas on the barrier island, but things are starting to change. In the coming years, I expect the North Beach area to see significant investment and improvements, which make multifamily investments very desirable,” said Weaver.
The property also will benefit from proposed development at the North Beach Town Center, a planned mixed-use district created as part of the North Beach Master Plan. The district will notably improve the immediate surrounding area and bring new investment to the North Beach market.
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Weaver, and Synanidis, as well as Zachary Sackley, Troy Ballard, 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