Coral Point Townhomes Fetches $36M

MIAMI-University Lakes Apartments has purchased Coral Point Townhomes, a luxury rental community in the city, for $35.5 million. The price equals approximately $109,018 per unit, or $120 per sf. The seller of the 326-unit, class A property, in the Fountainebleau submarket of Miami-Dade County, was Coral Point Apartments LP. The property had a 6.24% capitalization rate.

Evan P. Kristol and Still Hunter III, investment specialists in Marcus & Millichap Real Estate Investment Brokerage Co.’s Fort Lauderdale, FL, office and members of the firm’s National Multi Housing Group, had the exclusive listing to market the property for the seller, a locally based private investor. The property was offered for sale for $38 million.

Coral Point Townhomes units range from 650 sf to 978 sf, and monthly rental rates range from $850 to $995. The occupancy at press time was 95%. Documents are now in place for University Lakes Apartments to pursue the property’s conversion to condominiums, a popular route in South Florida.