Caribbean Isle Villas
Cushman & Wakefield announced today that it has negotiated the sale of 78 out of 252 units within Caribbean Isle Villas, a residential condominium asset located at 2700 Pacific Boulevard NE in Homestead, FL.
Cushman & Wakefield’s South Florida Multifamily Team of Calum Weaver, Robert Given, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the disposition on behalf of BC Caribbean, LLC. The asset was acquired by AQRE Caribbean, LLC for $8.2 million ($96 per square foot).
Caribbean Isle Villas was built in 2007 and is located in the eastern Homestead area, just south of Homestead Hospital. The unit mix includes 52 two-bedroom and 26 three-bedroom units.
Interior finishes include granite countertops, light wood cabinetry, white appliances, in-unit washer/dryer and tile flooring. Community amenities include a large resort-style swimming pool, 24-hour manned gated security, a community clubhouse, a fitness center with saunas and a playground.
At the time of the sale the property was nearly 100 percent occupied with an average market rent of $1,260 per unit ($1.15 per square foot).
“With 45 bulk condo investment sales, we are the market leaders in South Florida,” said Weaver. “In this cycle, the bulk condo inventory is drying up. However, there remain viable opportunities to acquire bulk condos below replacement cost.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.