CBRE arranged the sale of two apartment properties totaling 36 units in Coral Gables, Florida. 1206 Douglas Road totals 20 units and 3-15 Santillane & 910 Douglas Road total 16 units. The properties were acquired from Sidonia, LLC/Truenorth Santillane, LLC by Fipro Holdings, LLC for $6 million or $166,667 per unit or $232 per square foot. CBRE represented the seller in the transaction.
“There was tremendous interest in the properties from a value-add and redevelopment perspective. Through our marketing process, the seller had multiple offers to consider. Ultimately, the buyer was selected based on their strong closing terms and detailed understanding of the property and market,” said Calum Weaver, Senior Vice President, CBRE Capital Markets, Investment Properties, Multifamily.
Ezra Rubin with Sidonia, LLC/Truenorth Santillane, LLC was pleased with disposition services provided by CBRE, stated “We appreciate your dedication and expertise throughout the disposition. The marketing process generated numerous qualified offers. We were very pleased with the service from start to finish. A job very well done.”
The CBRE Capital Markets, Investment Properties, Multifamily team, which specializes in the sale of apartment properties between $1 and $20 million, has closed more than $150 million in private capital sales to date.
Located at 1206 Douglas, Sidonia features 20 units. Santillane, with addresses at 3, 11 and 15 Santillane Avenue and 910 Douglas Road (all contiguous), features 16 units. All units have two bedrooms and one bath, and in-place average effective rents of $1,121. The two CBRE Press Release properties are situated on 26,400 square feet (Sidonia) and 29,080 square feet (Santillane), representing an excellent future development opportunity.
The CBRE Capital Markets, Investment Properties, Multifamily team involved in the sale included Mr. Weaver, Richard Tarquinio and Perry Synanidis.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.