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Miami Brokers Brings Coral Gables Boutique Luxury Multifamily Asset

9/23/2019
The 120-Unit Apartment Community is Prominently Situated Near the Famed “Miracle Mile” in Downtown Coral Gables
Cushman & Wakefield, as exclusive advisor, has been selected to market for sale “The Mile,” a boutique, Class-AA apartment community comprising 120 luxury residences. The property is positioned along the main thoroughfare in downtown Coral Gables, Coral Way, also known as Miracle Mile.

Greystar, a leading international owner and manager of multifamily assets, retained Vice Chairman Robert Given, Executive Managing Director Troy Ballard, Executive Managing Director Zachary Sackley, Executive Managing Director Calum Weaver and Senior Financial Analyst James Quinn of Cushman & Wakefield’s Florida Multifamily Team to market the asset to investors.

Developed in 2016, The Mile consists of one-, two- and three-bedroom units, averaging 893 square feet. Residences offer condo-quality features and finishes, inlcuding oversized balconies, stainless steel appliances, quartz countertops and floor-to-ceiling windows. All units feature porcelain tile in the kitchen and living areas, and a portion of units feature upgraded hard-surface flooring in the bedrooms. In addition to the 120 residences, The Mile includes 3,000 square feet of fully occupied, ground-floor retail.

Community amenities include a resort-style pool plus a shallow tanning pool, expansive sun deck with lounge chairs, fully-equipped fitness studio, social lounge for entertaining, gaming area, prep kitchen and gated parking garage.

“The Mile’s offering is a rare opportunity to acquire a luxury, new-construction high-rise apartment community in Miami-Dade’s most affluent and economically robust city,” said Given. “Further, given the boutique size of the property as well as the proven cash flow, the property will appeal to both institutional and private investors alike.”

At 3622 SW 22nd St. (Coral Way), the property is just a few hundred feet away from the official start of Miracle Mile, giving residents walkable access to nearly 8 million square feet of retail featuring hundreds of shops, restaurants and entertainment destinations. Further, there is more than 8.3 million square feet of office space within a one-mile radius.

Also notable, Miracle Mile recently finished a $24 million renovation program that rejuvenated the area and further positioned it as one of the country’s premier high streets. Renovations included widened sidewalks with colorful pavers, a new valet system, free city WiFi, enhanced lighting and the transformation of Giralda Avenue from a vehicular street into a pedestrian-only plaza.

The Mile’s central location paired with the surrounding pedestrian-friendly environment give the property an exceptional Walk Score of 92.

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