null - Commercial Real Estate News Releases | Avison Young News
Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young closes $9.15M Gables Court bulk condo sale, secures Southwest Miami’s highest price per condo unit sold in bulk to date in 2021October 13, 2021
Miami – Avison Young’s Capital Markets Group completed the $9,150,000 sale of 39 condominium units at the Gables Court Condominiums, a gated residential community consisting of six, three-story multifamily buildings in Southwest Miami. The condominiums comprising the sale are located at 6821, 6851, and 6861 on S.W. 44th Street in Miami, Florida.
Avison Young Senior Vice President Rosendo Caveiro exclusively represented the seller, a private investor, in the bulk condo disposition to Opterra Capital, LLC. The sale represents the highest price per condo unit sold in bulk in the Southwest Miami submarket to date in 2021.
“Miami’s multifamily market continues to experience an uptick in demand, as rents have been rising month-over-month during the past 12 months, and the vacancy rate has increased to over 97%, up from a prior-year low of 94%,” said Caveiro. “With single-family residential prices up 16% year-over-year, an increasing presence of investor activity in the single-family market, and scarcity of developable land in South Florida, the mid-to-long term outlook for multifamily product in South Florida remains strong.”
The buyer was attracted to the Gables Court’s first-rate condition and centralized location near the University of Miami, Florida International University, Miami Children’s Hospital, South Miami Hospital, and walkability to retail, office, and recreational destinations. Representing 25% of the community, the portfolio includes spacious, three- and two-bedroom/two-bathroom units, many of which were recently upgraded, all with assigned parking.
“There was a high number of all cash offers received in a very short time showcasing a robust demand for this type of product and the location,” added Caveiro. “The Gables Court portfolio offers various investment plays, including keeping the condos as rentals in the short to mid-term and potentially considering resale at retail prices to first-time homebuyers and empty nesters.”
Gables Court is strategically situated between the affluent municipalities of Coral Gables and South Miami. The community is proximate to major roadways including Ludlam Road and Bird Road and one mile east of the Palmetto Expressway (State Road 826). Additionally, it is one block from Ludlam Trail, a six-mile linear park that will include more than 1,000 rental apartments, retail, office, and bike and exercise trails.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
Follow Avison Young
For more information:
Rosendo Caveiro, Senior Vice President, Avison Young: 305.447.7868