An aerial view of Shorecrest multifamily project at 7950 NE Bayshore Court in Miami. Courtesy photo
An investment fund affiliated with one of the biggest real estate brokerages bought a Miami apartment high-rise for $132 million in an exceedingly strong multifamily market.
A CBRE Global Investors-sponsored fund affiliate bought Shorecrest Club on Biscayne Bay from an affiliate of Atlanta-based ECI Group on Jan. 10.
Shorecrest Club has 21- and 20-story towers with 4,200 square feet of retail. It was constructed in 2015 on a 2.85 acres at the foot of Northeast 79th Street before it turns into Kennedy Causeway leading to North Bay Village and Miami Beach.
The sale of the 467-unit property at 7950 NE Bayshore Court breaks down to $282,869 per unit.
Shorecrest Club is one of just two luxury apartment communities built in the area this cycle. At the same time, multifamily is one of the hottest property sectors in South Florida fueled by high demand.
"Development of the neighborhood surrounding Shorecrest Club began as early as the 1930s, and the area has been fully built out for many years," Still Hunter, CBRE Group Inc. executive vice president in Fort Lauderdale, said in a news release. "Shorecrest Club is a very compelling investment opportunity for new ownership."
Hunter, CBRE vice chairman Kevin Geiger in Atlanta and senior vice president Chris Smiles in Boca Raton represented the seller.
CBRE Global Investors is a real estate infrastructure and private equity investment manager with institutional clients. It has over $106 billion of assets under management, according to its website.
Miami is one of its top markets, Robert Perry, CBRE Global Investors head of strategic partners U.S., said in the release.
"With an economy that has resurged over the last decade and is continuing to benefit from population and job growth coupled with a limited multifamily supply pipeline, Miami is focus market for us," Perry said.
Shorecrest Club is north of the burgeoning MiMo Historic District and near Miami's Upper East Side neighborhood.
The South Florida multifamily markets continues to be a healthy location. High demand has pushed up rents, which in turn caught the eye of investors shopping everywhere from downtown to the suburbs.
In one of the latest deals, an affiliate of the Nuveen LLC investment management company, which is part of financial services provider TIAA-CREF, bought mid-rise Sole at City Center in downtown West Palm Beach for $103.5 million.
In the biggest transaction since the beginning of 2019, NexPoint Residential Trust Inc., a publicly traded real estate investment trust based in Dallas, bought the sprawling, 1,520-unit Avant at Pembroke Pines for $322 million.
CBRE Global Investors plans to reposition its new property through its proprietary Above & Beyond for Living tenant services and amenity program.
Existing amenities include a dock, pool, sauna, gym, business center, covered parking and onsite management and maintenance, according to Shorecrest's website. Units have stainless steel appliances, granite counters, washers and dryers.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
