CBRE ARRANGES SALE OF 467-UNIT MULTIFAMILY ASSET IN MIAMI
27 Jan 2020
MIAMI – January 27, 2020 – CBRE today announced it arranged the sale of Shorecrest Club Apartments, a bay-front 467-unit luxury multifamily high-rise at the gateway to Miami’s burgeoning Upper East Side and MiMo Districts. Located at 7950 Northeast Bayshore Court, the property, which also includes 4,200 square feet of retail space, was sold to a fund sponsored by CBRE Global Investors. The seller, Upper East Side Miami, LLC, was represented by CBRE’s Still Hunter, Kevin Geiger and Chris Smiles.
“Development of the neighborhood surrounding Shorecrest Club began as early as the 1930s, and the area has been fully built out for many years. Due to the scarcity of developable sites, Shorecrest Club is one of only two luxury rental communities in the area completed this cycle. Shorecrest Club is a very compelling investment opportunity for new ownership,” said Still Hunter, executive vice president at CBRE.
“With an economy that has resurged over the last decade and is continuing to benefit from population and job growth coupled with a limited multifamily supply pipeline, Miami is focus market for us,” said Robert Perry, Head of Strategic Partners U.S., CBRE Global Investors. “We see an opportunity to reposition this property through implementation of our proprietary Above & Beyond for Living tenant service and amenity program.”
Built in 2015 and situated at the intersection on 79th Street and Biscayne Bay, Shorecrest Club sits on a rare 2.85-acre bay-front site that was an assemblage of seven parcels acquired from multiple owners over the course of several years. Shorecrest Club offers residents a unique setting featuring an array of waterfront common areas and amenities with tremendous untapped potential, as well as a convenient commute to both downtown Miami and North Miami.
The Upper East Side and MiMo Districts are two of Miami’s most dynamic up-and-coming areas. In addition to the bars and restaurants, the Upper East Side boasts an emerging art scene. The area features seven art galleries and a creative district of showrooms, art studios and independent retailers.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.