Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Hamilton on the Bay, a 28-story, 275-unit apartment tower in Miami’s Edgewater neighborhood.
“Located in a high-density area on the north side of Downtown Miami, Hamilton on the Bay presents new ownership with a cornerstone value-add opportunity,” said Rani Hussami, CCIM, of the Hussami Rockson Group of Marcus & Millichap. “Built in 1984, the property includes two adjacent parcels that allow for 89 buildable units.” Hussami represented the seller and procured the buyer. “Between 2000 and 2018, Edgewater’s population grew 37 percent, average household income increased 62 percent and apartment rents continue to show favorable growth,” added Hussami.
Hamilton on the Bay is adjacent to Interstate 195, which provides freeway access in all directions via connections with Interstate 95. Miami World Center, a 30-acre mixed-use development is under construction a mile from the property and Skyrise Miami, Downtown Miami’s newest entertainment center, which is expected to be completed in 2023, is within three miles. The Wynwood Arts District, Midtown Miami, the Design District, Miami Beach and Downtown Miami are all nearby. Midtown’s premier shopping destination, Shops at Midtown Miami is less than a mile away. Hamilton on the Bay’s community amenities include covered parking, a heated pool, a barbecue area that overlooks Miami Bay, a waterscaped lobby with fishponds, a running track, two racquetball courts, and a tennis court.