Biscayne Boulevard Multifamily Building Trades at Record Price
Deal highlights growing demand for emerging asset class of micro-units
Miami, FL, July 18, 2018 – As strong development and investor interest continues along the Biscayne corridor, a 20-unit multi-family building at 3300 Biscayne Boulevard has sold to a local investment group for $4.575 million. The landmark deal set a new record as the highest price-per-door sale in the Edgewater submarket. Colliers International South Florida brokers Gerard Yetming, Mika Mattingly, Mitash Kripalani, and Julian Zuniga represented seller Hampton Luxury Hotel, LLC in the sale and procured the buyer for the property, operating as 3300 Biscayne Holdings, LLC.
The property was marketed a multi-family asset with potential for short-term rental operations. The sale price per door equaled $228,750, exceeding the previous Edgewater multi-family sale price record of $203,000 per door. The sale highlights the growing demand for micro-units within well-located boutique multi-family buildings that have the potential for short-term use.
"The multi-family / short-term rental model is new real estate asset class has been created by two massive, converging trends," said Colliers International South Florida broker Gerard Yetming. "The current trend toward micro-units and a sharing economy coupled with the emergence of powerful new technological platforms such as Airbnb, Uber, and VRBO that empower owners of assets to maximize income."
Located adjacent to some of Miami’s fastest-growing clusters, including Wynwood, the Design District, the Shops at Midtown, and within close proximity to the luxury high-rises being built in Edgewater, 3300 Biscayne Boulevard is part of the emerging development trend that thrives in mixed-use areas with high accessibility and pedestrian walkability.
"This innovative asset class opens up opportunities for users to experience new neighborhoods with a convenience and flexibility that has not existed in the past," added Colliers’ Mitash Kripalani. "The prime location and current zoning made 3300 Biscayne Boulevard an appealing opportunity for the new buyers to capitalize on these budding trends."
The buyer is familiar with the neighborhood, having a portfolio of boutique buildings in Miami that are currently operated as short-term rentals.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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