Lurra Capital Acquires Class A High-Rise Residence in Miami for $43M
Switzerland-based Lurra Capital has acquired Blume Coral Gables, a 100-unit apartment community in Miami, FL for $42.5 million.
The 2019-constructed Blume Coral Gables is a boutique, Class A, 100-apartment high-rise community that sits at 1501 SW 37th Avenue. The property has a mix of lofts, one-, and two-bedroom units, along with 6,191 square feet of ground floor retail.
Calum Weaver, Robert Given, Troy Ballard, and Zac Sackley of Cushman & Wakefield represented the seller, 37 Gables Property LLC, an affiliate of Greystone, in the transaction.
“The Miami multifamily market maintains solid fundamentals with population growth, a strong job market and record low unemployment – home prices remain at record levels which impacts the rental market extremely positively while land becomes more limited keeping new construction in check,” said Tyron Birkmeir, founder and CEO of Lurra Capital.
“Newly constructed multifamily deals in this size range are hard to come by,” adds Weaver.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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