CBRE’s Institutional Multi-Housing Group completed the rare sale of a luxury, two-tower, high-rise rental apartment building located in Miami, Florida. The Terrazas River Park Village Apartments, a 21- and 28-story, 324-unit rental apartment community located at 1861 N.W. South River Drive on the Miami River, sold to an affiliate of Ladder Capital Finance Holdings, LLLP, based in New York, New York, for an undisclosed price. Terrazas was completed in 2010. The units feature luxury finishes and stunning views of the Miami River and the downtown Miami skyline. The community has excellent visibility from Dolphin Expressway, and is a short distance from the Miami Health District, Downtown Miami and the Brickell Financial District. CBRE represented the seller in the transaction.
“This offering illustrated the broad appeal of a high-quality, well-located Miami asset,” said CBRE Vice Chairman Robert Given. “Our marketing process generated over 20 offers, with a mix of condominium converters and institutional income buyers. The profiles of the bidders were diverse, with a mix of domestic and foreign capital.”
The property greatly benefited from its close proximity to the dynamic employment drivers in Miami’s Health District, and was 98% occupied at the time of sale.
“The Health District is one of the most exciting areas in South Florida,” said CBRE Senior Vice President Gerard Yetming. “Every group that looked at the offering was sold on the rapid growth of desirable professional jobs and the pent-up demand for high-quality housing in the area.”
The South Florida-based Multi-Housing team that includes Robert Given, Gerard Yetming and Zachary Sackley represented the seller in the sale.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com