CBRE SELLS MULTI-HOUSING PROPERTY ON SOUTH BEACH FOR $425 PSF

    CBRE SELLS MULTI-HOUSING PROPERTY ON SOUTH BEACH FOR $425 PSF

    Miami Beach, FL – April 3, 2013 – (RealEstateRama) — The CBRE Multi-Housing Private Capital Group arranged the sale of The Palm House located at 1010 Pennsylvania Avenue in Miami Beach. The 16-unit property sold for $2,750,000 or $171,875 per unit ($425 per square foot). On a price per square foot basis, the sale represents the highest priced multi-housing sale transaction on South Beach in more than six years and the second highest price per square foot ever transacted on South Beach. CBRE transacted the sale on behalf of the seller The Palm House, LLC. The asset was purchased by an all-cash foreign buyer.

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    CBRE

    CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

    Contact:

    Robert W. McGrath
    Senior Director, Corporate Communications

    +1 212 9846515
    +1 800 7996523 FREE

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