Sentinel Real Estate Corporation announced the $96.57 million acquisition of a 452-unit multifamily portfolio in Miami, Florida.
The portfolio comprises a total of 30 individual properties – 25 of which are located in the heart of South Beach, with the other five located in the coveted submarket of Bay Harbor in North Miami Beach.
The acquisition marks the trade of the largest portfolio of rental apartments to be offered in the region. Cushman & Wakefield represented the seller, Boardwalk Properties, in the transaction.
Image via Sentinel Real Estate Corporation
Located between 7th and 16th Streets, the South Beach properties are within walking distance to some of the most sought-after attractions in South Beach, including Lincoln Road, Ocean Drive, Collins and Washington Avenues, and the Miami Beach Convention Center. The historically protected neighborhood has a significantly constrained rental market, due to the high conversion rate of apartment buildings to condominiums.
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700 Euclid Avenue in Miami Beach and (clockwise from top left) Sentinel executives Scott Arden, Martin Cawley and George Tietjen (Google Maps)
Sentinel Real Estate is betting big on the Miami Beach and Bay Harbor Islands multifamily market, buying a 452-unit portfolio for $96.6 million.
The New York-based commercial real estate investment manager bought 25 buildings in Miami Beach and five in Bay Harbor Islands from various affiliates of Boardwalk Properties, according to deeds and a spokesperson for Sentinel.
Sentinel also bought Boardwalk’s Miami Beach office at 1211 Alton Road for $2 million, according to a deed.
Sentinel will upgrade unit interiors and rebrand the portfolio to Helios Apartments Miami Beach, according to a press release.