Canadian Developer Lands $50M Florida Community
- Jun 19, 2017
Cushman & Wakefield’s South Florida team brokered the sale of Cottage Cove Apartments, a 468-unit community in the Norland submarket of Miami, Fla. Vice Chairman Robert Given, Executive Vice President Calum Weaver, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst Perry Synanidis negotiated the disposition on behalf of TM Real Estate Group. Canadian developer Marlin Spring Realty Ltd. acquired the multifamily asset for $50 million, or $151 per square foot.
Meridian Capital Group Managing Director Noam Kaminetzky and Vice President Jason Grimm placed a first mortgage of $38.2 million, on behalf of TM Real Estate Group. The 10-year Fannie Mae loan—provided by Capital One Multifamily Finance—has a fixed rate of 3.95 percent, along with two years of interest-only payments.
Located at 10 NE. 188th St., Cottage Cove provides easy access to Interstate 95, as well as schools, hospitals and retail establishments. The city of Miami, Coral Gables, Coconut Grove and Miami Beach are also a short drive away. The property includes 468 units in 100 buildings, ranging in size from 406 square feet to 1,200 square feet. The first phase of the asset featured 94 single-story buildings of four-units each. The second phase included six two- and three-story buildings. Amenities at Cottage Cove include a swimming pool, a laundry building with 26 new sets of washer/dryer units and 498 parking spaces.
A value-add opportunity
The property is currently stabilized with 97 percent occupancy and an average market rent of $1.04 per square foot. Some units have been renovated to include vinyl flooring and upgraded cabinets.
“Investor interest was very strong due the sheer size of the property and value-add opportunity. The buyer is new to the South Florida market, highlighting an abundance of new domestic and foreign capital looking for value-add opportunities throughout the region,” said Weaver in a prepared statement.
Cottage Cove Apartments was built in 1969.
Image courtesy of Yardi Matrix