Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Avenu Heights, a 15-unit apartment community located in Miami. The final sale price was $3.8 million.
Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, Prestige Companies, in the transaction. Private capital investment firm, Lurra Capital, acquired the property.
“We continue to push ahead with acquisitions in the multifamily sector in Miami where we see strong momentum and exponential growth. Avenu Heights is the latest addition to our growing portfolio in Miami,” said Tyron Birkmeir, Founder and CEO of Lurra Capital.
Located at 751 NW 1 St., Avenu Heights is a newly constructed boutique rental property just west of Downtown Miami in the East Little Havana submarket. The property includes high-end modern finishes and is minutes from many well-known areas including Brickell, downtown Miami, the health district, Wynwood, Midtown and Miami International Airport, to name a few.
“Many recent multifamily trades have been included large-scale newly constructed apartment buildings. However, we are seeing more newly constructed boutique apartments come online and the investor appetite in these smaller-sized properties is huge. There still remains a shortage of available opportunities, but this will likely change as more boutique multifamily properties are completed,” said Weaver.