MIAMI-1818 Meridian Avenue, a multifamily asset on South Beach, just sold for $2.7 million. The property traded for less than a 3% cap on in-place numbers.
Calum Weaver, co-chairs of the CB Richard Ellis Multi-Housing Private Capital Group in South Florida, negotiated the transaction on behalf of the undisclosed seller. The buyer was Domus Group, a Latin American investor.
“We had marketed this property several different times since 2007,” Weaver tells GlobeSt.com. “The market was flat, but over the last 18 months there’s definitely been an uptick, particularly on South Beach, from investors and more so foreign investors. If you look at all the apartment trades on the beach, more than half sold to foreigners.”
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