Sentinel Real Estate Corporation just announced the acquisition of a Miami multifamily property. The NY investor paid $96.5 million for the 452-unit Miami multifamily portfolio. In fact, the portfolio has a total of 30 individual properties. 25 of them are located in South Beach, and the other five in Bay Harbor. Furthermore, this acquisition represents the trade of the largest portfolio of rental apartments in the region.
In addition, the South Beach properties are located between 7th and 16th streets. This is a prime location with walking distance to some of the area’s most sought after attractions. For example, Lincoln Road, Ocean Drive, and the Miami Beach Convention Center. Furthermore, the Bay Harbor properties are located on East Bay Harbor Drive. Sentinel plans on upgrading the interiors to enhance the attractiveness of each property and drive rent growth. In addition, the portfolio will be rebranded as Helios Apartments Miami Beach.
Read original article: https://rew-online.com/ny-investor-pays-96m-for-miami-multifamily-property/
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