Franklin Street Real Estate Services announces the sale of a 24-unit apartment building in Miami Beach for $4.3 million.
At $179,000 per unit, the all-cash sale represents the highest price per unit for a multifamily project-excluding newer construction- in the north beach section of Miami Beach since 2008.
Deme Mekras, Elliot Shainberg, and David Reinke, all of Franklin Street Real Estate Services, represented the seller, a local investor. The buyer, an investor and developer from Italy, bought the building with plans to convert it into a condominium, according to Shainberg, a senior director of Franklin Street who is based in Miami.
“This deal signals that the condo conversion business is back in full-swing in Miami Beach,” said Shainberg. “Investors are seeing profitability in condo conversions again, picking up where others left off when the real estate market crashed in 2007,” he said.
Shainberg said this was a particularly interesting deal because it involved the last four-story, mid-rise waterfront rental building within a two-mile radius that was not converted to condominium during the last boom.
“Being one of the last properties converted in the area paired with the fact that it offers water views with boat docks, covered parking, and a swimming pool made this a very unique property,” said Shainberg. “Most of the apartment complexes in Miami Beach don’t have these kinds of amenities or dedicated parking.”
Shainberg also noted that Miami Beach remains the location of choice for foreign investors who want to move capital out of their own countries.
“These Investors feel their money is safer being invested in Miami Beach apartments and condominiums than putting it into foreign real estate or the stock market,” Shainberg said.
Built in the 1960’s, the property is located at 8101 Crespi Boulevard, Miami Beach, Fla., 33141. It is approximately five minutes south of Bal Harbour and is 15 minutes north of South Beach. Download PDF