🏆 Commercial: Plantation logged the top commercial deal in South Florida, with the sale of an apartment complex called The Ellery at 6901 West Sunrise Boulevard for $70 million. The seller was Greensboro, North Carolina-based Bell Partners. The buyer was Maxx Properties, which is based in Purchase, New York. The building spans more than 300,000 square feet and has 250 units. Bell Partners purchased it for $67.3 million in 2018.
🏆 Residential: The top residential transaction to hit records in the tri-county area was at CMC Group’s Vita at Grove Isle in the Biscayne Bay, which sold a penthouse for $21.5 million. The buyer was Ralph Winter. The pad, a duplex, spans about 6,800 square feet and has more than 5,100 square feet of terrace space. The deal pencils out to about $3,100 per square foot.
📊 Commercial: In Miami, a Wynwood development site at 510 Northwest 26th Street sold for $54 million. The seller was Miami-based Ultimate Equity Inc., and the buyer was an LLC managed by Gary Krat. The nine-lot site comprises eight industrial buildings that span more than 65,400 square feet combined.
📊 Residential: In Miami Beach, a home at 4539 Pine Tree Drive changed hands for $15.6 million. The seller was an LLC managed by Malka Chein, and the buyer was a trust tied to Ayal Horovits, owner of Helm Equities, and his wife, Michele Bailey-Horovits. Built in the 1950s, the waterfront property has six bedrooms and five bathrooms across more than 6,300 square feet. It last sold in 2019 for $9.3 million.
📊 Residential: A 3,300-square-foot penthouse at Fort Partners’ Seaway at the Surf Club at 9149 Collins Avenue in Surfside traded for just over $15.2 million. The buyer was a trust with Robert Elias as trustee. The deal breaks down to about $4,600 per square foot.
By the Numbers: What are the best markets for multifamily investments?
Thanks to high yields and favorable tax conditions, Washington, D.C., and Las Vegas lead the nation for multifamily investment.
A new report from commercial listings platform LoopNet analyzed 50 major U.S. cities, scoring them on investing metrics, including cap rates, property taxes and listing inventory, which accounted for 76 percent of the score. The remaining share was based on lifestyle factors such as access to parks and award-winning restaurants.
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