CBRE Arranges Sale of Multifamily Property in North Miami

CBRE has arranged the sale of Emerald Apartments, a 20-unit, value-add multifamily property in North Miami. GGH 27, LLC purchased the property for $3.8 million.

CBRE’s Calum Weaver and Perry Synanidis represented the seller, IMC Equity Group, in the transaction.

“We're seeing increased investor and developer interest in North Miami's multifamily market, specifically in and around the Biscayne corridor,” said Weaver, Executive Vice President at CBRE. “Finding value-add deals in this area is challenging, however, the area's growth and potential returns are compelling.”

Emerald Apartments, located at 13025-13035 Emerald Drive in Miami, is a waterfront property consisting of 20 units ranging from 500 to 650 sq. ft. The property provides proximate access to retail and entertainment amenities in addition to area beaches.

New projects in the area command notably higher rents, reflecting the area's growth and desirability. More affordable units are in limited supply and high demand. Market tightness in affordable products, coupled with limited inventory, ideally position Emerald Apartments for value-add improvements and higher rents, strategically positioning it between older and newer products within the submarket.