Greystone’s Stephen Rosenberg with 1501 Southwest 37th Avenue (Greystone, Google Maps, Getty)
Lurra Money paid $42.5 million for a 100-unit apartment complex in the vicinity of Coral Gables, as the Swiss firm carries on to dive into South Florida’s multifamily market place.
Lurra, a Zurich-based mostly private equity firm led by founder and CEO Tyron Birkmeir, acquired Blume Coral Gables at 1501 Southwest 37th Avenue in Miami, according to a push launch. The offer breaks down to $425,000 for every apartment.
A Cushman & Wakefield team led by Calum Weaver and Robert Specified represented the vendor, an affiliate of Greystone, a New York-based mostly commercial authentic estate finance and investment corporation. In 2015, a Greystone affiliate acquired the land for $8.8 million and completed the 14-tale building four yrs afterwards, documents exhibit.
Blume Coral Gables, beforehand termed The Aura, delivers a mix of studio lofts, 1- and two-bedroom apartments and has a 6,200-sq.-foot ground-ground retail place. Monthly asking rents assortment among $2,704 and $3,890, in accordance to Residences.com.
Previous yr, Lurra acquired two other multifamily houses in Miami. The business paid $6.4 million for a 24-device elaborate in Miami’s Shenandoah neighborhood, and $3.8 million for a 15-device creating in Small Havana, data exhibit.
Started in 2017, Lurra oversees $6 billion in belongings, the launch states. The agency is seeking to grow its presence and extend its true estate portfolio in South Florida, Birkmeir claimed in a assertion.
“The Miami multifamily sector maintains stable fundamentals with populace progress, a powerful task sector and report very low unemployment,” Birkmeier said. “We are actively hunting at new prospects.”
Empira Group is yet another Swiss business planting a flag in South Florida. In August, the Zug, Switzerland-centered organization compensated $9 million for a .5-acre growth internet site in Miami’s The Streets community. Empira ideas to build CoralGrove Brickell, an eight-tale condominium setting up with 85 models and 900 square toes of floor-floor retail space.
