West Palm Beach Office

Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire Gables Columbus Center – a 200-unit, 18-story, class-AAA residential high-rise located in Coral Gables, Florida. Delivered in 2018, Gables Columbus Center is a top performing luxury apartment property providing a rare generational investment opportunity.

Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire X Miami (the “Property”) – a 32-story, transit-oriented high rise located in globally renowned Downtown Miami, Florida. X Miami is the city’s premier rental apartment community that opened with much fanfare in the summer of 2018 and has proven resilient through the coronavirus pandemic. The Property is composed of 464 luxury residences with 729 square feet of fully-leased restaurant space in the building’s lobby.

First-tier cities, including Miami, have begun to experience an affordability challenge as new high-end and highly-amenitized products lack an affordable entry price point. X Miami’s innovative approach and creative design – through unit size and layout – addresses the problem of ever-increasing entry price points into highly urbanized markets. X Miami’s flexibility of accommodating both rent-by-bedroom (RBB) units and short-term rental (STR) operations at ownership’s discretion allows young urban professionals the opportunity to experience the vibrant downtown at an attractive and cost effective price, without sacrificing amenities or living experiences; in fact, they are provided a better one. RBB units are proving to be a great starting point for younger renters who then graduate within the building to full units as their needs and careers grow.

The Property’s downtown location presents an extremely rare acquisition opportunity, which a long-term investor will greatly benefit from owning due to the building’s quality and positioning. X Miami’s landmark location and adjacency to a Metromover station puts it at the forefront of the impending growth that Miami is experiencing in its ascent into a first-tier world-class city.

Cushman & Wakefield is pleased to present the opportunity to acquire Bungalow Walk at Lakewood Ranch - a Class AA, 228-unit, single-family, build for rent community (the "Property"). The Property is located in Sarasota, Florida, within Lakewood Ranch, the nation’s second-fastest selling master-planned community.

THE LAST REMAINING OPPORTUNITY IN MIAMI WORLDCENTER

This generational investment opportunity will instantly make a new owner one of the largest multifamily owners on South Beach, which is one of the most supply constrained markets in the U.S. The portfolio offers immediate upside through improved management and leasing as well as value-add potential on most buildings. In the past four years $6.9 million has been spent on improving the properties, including the gut renovations of 1600-1606 West Avenue and 1567 Meridian (61 units) – the remaining 261 units have the potential to increase income with value-add improvements focused on interior upgrades.

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Cushman & Wakefield, as exclusive marketing advisors, are pleased to offer the sale of 88 Hundred Collins (the “Property”), a 0.65 Acre development site on Collins Avenue in Surfside, FL. The site allows for condo and hotel development. The site is being sold as-is and not subject to any plan changes.

88 Hundred provides a premium location at the entrance of Surfside, adjacent to the world renowned beaches. Beach access is easily accessible directly on 88 Street. Surfside is one of the most sought after destinations in South Florida. More stringent development requirements has limited new supply compared to Sunny Isles and Bay Harbor Island. Consequently, Surfside is close to all of the action while maintaining its character as an upscale beach town with great shops, restaurants and cafes.

Cushman & Wakefield is pleased to offer for sale Harris Music Lofts, a 38-unit plus ground floor retail mixed-use property located at 206 Clematis Street in the heart of Downtown West Palm Beach. The property is the only rental on Clematis Street east of the recently built Brightline Station and is a walkers paradise. Immediately outside your door is all of the action on Clematis Street with its retail, bars and restaurants which provides the pulse to all of Downtown West Palm Beach. In addition, you are just steps away from Fountain Park and Centennial Square, one block from the Waterfront and City Commons, four blocks from the Brightline Station and six blocks from Rosemary Square (formerly CityPlace).

Harris Music Lofts offers 38 residential apartments on five floors and a 4,516 square foot, ground floor retail space. The residential apartments consist of 22 unique one-bedroom floor plans including some two-story townhome style, some with large skylight windows or with spectacular views of Clematis Street.

Originally built in 1925, the six-story, art deco building went through a comprehensive renovation in 1996 including new wiring, plumbing, replacement of all windows and doors, roof and HVACs. Apartments average 658 rentable square feet and all but three are in condominium quality. All apartments are on 12 month leases but zoning does allow for short-term rentals. Furthermore, average rents are notably under market and provide significant upside potential. The average rent at Harris Music Lofts is $1,365, while newly constructed one-bedrooms in the area average approximately $2,000.

On the ground floor there is 4,516 square feet of prime retail space just steps from the Waterfront and Fountain on Clematis Street. The current retail tenant is paying $11.47 modified gross with the lease expiring in May 2021. Once the retail lease expires, a new owner will have the ability to more than triple the current lease rate as well as be reimbursed for additional expenses that are currently not being reimbursed; all of which would go directly to the bottom line. Such a prime retail space on Clematis Street rents between $30-$35 NNN in today’s market.

Cushman & Wakefield, as exclusive advisor, is pleased to present Ocean House – the largest garden style multifamily community on Miami Beach. Ocean House is situated on over four-acres with over 750 feet of direct water frontage and totals 186 units in 23 two-story buildings. The property offers a favorable unit mix with 72% of units two or three bedrooms. The property is 97% occupied with exceptional strong collections during COVID-19.

In the past few years ownership has spent over $13 million in renovating the property. All units have been upgraded to one of two finish levels. 96 of the 186 units (±50%) have been upgraded to a “gold standard”. The other 90 units (±50%) have been upgraded to a platinum standard. Platinum units are renting $115 higher per unit per month.

Cushman & Wakefield is pleased to present the exclusive listing of Sunset Marina, the newest waterfront Class-A rental community in the Florida Keys and the only waterfront multifamily rental in Key West. A shortage of rental supply, limited land and limitations on new residential development make the Florida Keys one of the most supply constrained markets in the U.S. Sunset Marina is ideally situated with over 950 feet of direct water frontage on Stock Island in Key West.

The property features 60 spacious townhome units that average 800 square feet. All units are two bedroom/two bathrooms. The property is 100% occupied with average market rents of $3,004 per unit. The property includes 23 market rate units and 37 workforce units. The majority (30 out of 37 of the workforce units) allow for rents to be at market of $3,045 per unit. Hence, only seven of the units are restricted below market. Currently, there is over $201,000 in loss-to-lease that a new owner can realize by renewing leases at market rates. Adjacent to the property is Sunset Marina a 165-slip marina. Out of 60 units, the 52 (87%) have direct water frontage whereas the remaining 8 units have partial water views.

Cushman & Wakefield, as exclusive advisor, is pleased to present 1200 Marseille, a value-add multifamily opportunity on Miami Beach. The property consists of two buildings. The unit mix is excellent for the location consisting of four 1BR/1BA units and eight 2BR/2BA units with an average unit size of 973 square feet.

The immediate area surrounding the property is poised for significant investment and improvement. The Miami Beach Commission unanimously approved a master plan for the city’s North Beach neighborhood, which stretches from 63rd to 87th Street. The master plan will include a North Beach Town Center and is likely to revitalize the area with hundreds of millions of dollars of new developments and neighborhood improvements.

Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire 100% interest in Marina Del Rey, a 108-unit waterfront value-add opportunity located in Miami Beach, Florida. The property offers over 400 feet on the water with a private boardwalk providing expansive Biscayne Bay views.

None of the units have been upgraded, allowing a new owner tremendous revenue upside with a comprehensive value-add program. Nearby renovated properties are commanding rent premiums providing a future buyer with rent upside of over $350 per unit. For example, the property next door to Marina Del Rey has been renovated with one and two bedrooms rent of $1,650 and $2,300. The current market rents for one and two bedrooms at Marina Del Rey are $1,250 and $1,660 respectively, providing a clear and compelling value add strategy for a new buyer.

Cushman & Wakefield is pleased to offer Mid Bay Club Apartments, a 217 foot waterfront development site with in place cashflow in North Miami. The site provides expansive water views and is ideally situated for condominium development. Directly to the north of the property is Mariners Bay, a four story, 46 unit condominium property. This property is not part of the offering but could represent additional contiguous development potential through acquiring all the individual units.

The Mid Bay Club Apartments consists of the main site of 0.79-acres (34,275 square feet) that has 27 existing apartment units as well as a site across the street that totals 9,977 square feet and is currently used as for supplemental parking.

The 0.79 acre site is located in the BZ (Bayshore Zone) which allows for up to 115 feet and 100/units/acre – 79 developable units. With bonuses, the site allows for additional 15% density for a total of 91 units.

Ownership is in the process of seeking additional height for the site of up to 300 feet. Offers can be made as-is or subject to the additional height approvals.