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CBRE Brokers Sale of 467-Unit Miami High-Rise Apartments
CBRE has arranged the sale of Shorecrest Club Apartments, a 467-unit luxury high-rise in Miami’s Upper East Side district. The sales price was not disclosed. Still Hunter, Kevin Geiger and Chris Smiles of CBRE represented the seller, Upper East Side Miami LLC. The buyer was a fund sponsored by CBRE Global Investors.
Located at 7950 Northeast Bayshore Ct., the property also includes 4,200 square feet of retail space. It was built in 2015 on a nearly three-acre site.
“Development of the neighborhood surrounding Shorecrest Club began as early as the 1930s, and the area has been fully built-out for many years,” said Hunter, executive vice president at CBRE. “Due to the scarcity of developable sites, Shorecrest Club is one of only two luxury rental communities in the area completed this cycle. Shorecrest Club is a very compelling investment opportunity for new ownership.”
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