TM Real Estate Group, LLC Selected Cushman & Wakefield’s South Florida Institutional Multifamily Team to Sell Their Value-Add, 468-Unit Multifamily Garden Asset
MIAMI, FL, January 26, 2017 — Cushman & Wakefield announced today that it has been named exclusive advisor in the disposition of Cottage Cove, a 468-unit multifamily garden product in Miami.
Cushman & Wakefield’s South Florida Institutional Multifamily Team of Vice Chairman Robert Given, Executive Managing Director Calum Weaver, Senior Managing Director Troy Ballard and Senior Financial Analyst Perry Synanidis have been chosen to market the asset for Miami-based TM Real Estate Group, LLC. The asset will go to market unpriced.
Cottage Cove is a one-, two- and three-story, 468-unit multifamily garden product developed on a 23.75-acre site at 12 NE 188th Street. Cottage Cove is currently more than 97 percent occupied and is achieving an average market rent of $976, or $1.38 per square foot.
The interior finishes of the units at Cottage Cove include white cabinets with Formica countertops, plank-style vinyl/ceramic tile flooring and white appliances. Kitchens are fully equipped with a stainless steel undermount sink, range/oven and a white refrigerator.
Cottage Cove features an amenity package that includes a swimming pool, laundry facility with 26 sets of washer/dryers and private patios for each units. Cottage Cove offers a strong value-add opportunity, estimating that a unit upgrade program can increase the rents up to $100 and result in an approximate 25 percent return on investment.
Cottage Cove is ideally located with excellent accessibility to Interstate 95, Florida’s Turnpike and the Palmetto Expressway (Satate Road 826), which offers residents easy access to South Florida’s major employment drivers. Miami International Airport and Fort Lauderdale International Airport are only a 20 minute commute away. The property is less than a mile north of Miami’s Industrial District comprising nearly 5 million square feet of industrial space and 8,500 jobs, including a 760,000-square-foot Publix distribution center housing over 400 jobs. Miramar’s Park of Commerce is less than 15 minutes away and has over 160 companies with over 10,000 employees.
“Cottage Cove offers the rare opportunity to acquire a high-quality asset that caters to the local workforce and is uniquely positioned to benefit from the strong fundamentals anticipated for the area,” said Weaver. “Cash flow at the property has increased substantially in the past year, and the asset offers the opportunity to further enhance income by continuing an in-unit renovation program.”
“The chance to acquire a 24-acre site in Miami-Dade is almost unheard of these days,” added Given. “Implementation of a value-add program, as well as the redevelopment potential, make Cottage Cove a compelling investment opportunity.”
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