MIAMI—The Palm House just traded for the highest price per square foot on South Beach in more than six years. Located at 1010 Pennsylvania Avenue, the 16-unit multifamily property sold for $2,750,000 or $171,875 per unit.
The sale price totals $425 per square foot. According to CBRE, that's the highest price per square foot ever transacted for South Beach multifamily.
CBRE transacted the sale on behalf of the seller The Palm House, LLC. The asset was purchased by an all-cash foreign buyer.
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