MIAMI, FL - Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of Avenu Heights, a 15-unit apartment community located in Miami. The final sale price was $3.8 million.
Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, Prestige Companies, in the transaction. Private capital investment firm, Lurra Capital, acquired the property.
“We continue to push ahead with acquisitions in the multifamily sector in Miami where we see strong momentum and exponential growth. Avenu Heights is the latest addition to our growing portfolio in Miami,” said Tyron Birkmeir, Founder and CEO of Lurra Capital.
Located at 751 NW 1 St., Avenu Heights is a newly constructed boutique rental property just west of Downtown Miami in the East Little Havana submarket. The property includes high-end modern finishes and is minutes from many well-known areas including Brickell, downtown Miami, the health district, Wynwood, Midtown and Miami International Airport, to name a few.
“Many recent multifamily trades have been included large-scale newly constructed apartment buildings. However, we are seeing more newly constructed boutique apartments come online and the investor appetite in these smaller-sized properties is huge. There still remains a shortage of available opportunities, but this will likely change as more boutique multifamily properties are completed,” said Weaver.
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 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 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.
About Lurra Capital: Lurra Capital is an invitation-only private capital investment firm headquartered in Zurich with offices in London, Luxembourg and Miami overseeing $5 billion from UHNW investors and leading family offices. It sources the most desirable and strategic investment opportunities globally via a highly effective and powerful network with a particular focus on real estate and venture capital.