The newly constructed East River Living property, which includes ground-floor retail, sold for $600 per square foot
MIAMI (July 12, 2022) – Franklin Street has arranged the sale of East River Living, a 34-unit, 25,000-rentable-square-foot multifamily property in Miami for $15 million, equating to $441,176 per unit and $590 per square foot. Completed in 2022, the property is fully leased.
Franklin Street’s South Florida Multifamily Investment Sales Team of Dan Dratch, Greg Matus and Ryan Wold brokered the transaction on behalf of the buyer, Cochise Capital. Franklin Street Director of Capital Advisory Joseph Landsberg secured a loan for the buyer, while Bradley Cassidy and Evan Seacat with Franklin Street Insurance Services secured the insurance for the buyer.
The seller, Miami-based Habitat Group, developed the property and will continue to manage it.
East River Living comprises four studio units, eight one-bedroom, one-bathroom units, twenty-two two-bedroom, two-bathroom units and seven hundred square feet of ground-floor retail. It also features forty-eight storage units available to tenants.
On-site amenities include a private parking garage and pool deck with views overlooking the Brickell skyline. Units feature floor-to-ceiling sliding glass doors and fully equipped kitchens with high-end appliances and custom cabinetry.
“When Habitat Group brought this property to market, our team quickly identified it as a prime acquisition opportunity for our client Cochise Capital and we were able to secure a contract while construction was still being completed,” said Dratch. “We are pleased to have represented them in another successful acquisition in this highly competitive market, while also providing them with optimal financing and insurance solutions through our full-service platform.”
Matus added, “Our collaborative teamwork here at Franklin Street ensured the smooth transition of ownership, while allowing our client to close just after all tenants moved into this beautiful, brand-new community.”
Located at 39 NW 7th Ave, the property is positioned alongside the west side of the Miami River with walkability to Miami River District’s new restaurants, numerous retailers and nightlife venues while being a short distance from Brickell and Downtown.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Atlanta and Chicago. Learn more about Franklin Street at FranklinSt.com.