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.
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. The Bay Harbor properties are located on East Bay Harbor Drive, which runs along the eastern waterfront of Bay Harbor Island across from the Miami Beach peninsula and Bal Harbor.
The previous ownership has invested approximately $10 million into the structures within the portfolio over the last six years. In acquiring the assets, Sentinel intends to capitalize on the opportunity to upgrade the interiors to feature consistent, high-quality finishes, enhancing the attractiveness of each property and driving rent growth. As part of the repositioning efforts, the portfolio will be rebranded as Helios Apartments Miami Beach.
Over its 51-year history, Sentinel has acquired a national portfolio of multifamily real estate on behalf of domestic and international institutions. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities throughout the region.