Ceebraid-Signal paid Chicago-based Waterton Associates $21.62 million or $85,794 per unit for the 98%-leased property that Jay Massirman, managing director of CB Richard Ellis Inc.'s Florida Multihousing Group, calls "one of the finest infill locations in South Florida."
Average asking rent is $827 per month or 82 cents per sf. Ceebraid-Signal plans to invest an undetermined amount in renovating and refurbishing the property, Massirman says in a prepared statement.
The Palmetto Road asset "represents a prime urban infill deal with tremendous upside potential" because it is near Downtown and the high-profile Mizner Park development, the broker says.
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