Miami Asset Commands Record Per-Unit Price
- Jul 19, 2018
Colliers International South Florida has arranged the sale of a 20-unit multifamily building along the Biscayne corridor in Miami. A local investment group purchased the property from Hampton Luxury Hotel LLC for $4.6 million. The sale price breaks down to $228,750 per unit, marking a new record as the highest price-per-unit sale in the Edgewater submarket. Brokers Gerard Yetming, Mika Mattingly, Mitash Kripalani and Julian Zuniga from Colliers International’s South Florida office represented the seller and also procured the buyer.
Located at 3300 Biscayne Blvd., the property is close to several entertainment and retail destinations, such as the Design District, Wynwood and The Shops at Midtown, and it also provides easy access to Interstate 195. Prior to this sale, the highest per-unit price for an asset that changed hands in Edgewater was $203,000. The brokers marketed the 1925-built property as a multifamily asset with potential for short-term rental operations.
“The current trend toward micro-units and a sharing economy coupled with the emergence of powerful new technological platforms such as Airbnb, Uber and VRBO empower owners of assets to maximize income,” said Yetming, in a prepared statement. In another recent transaction, Yetming and Mattingly facilitated the $26 million sale of a vacant parcel in Miami’s River District.
Images courtesy of Colliers International South Florida