Cushman & Wakefield Negotiates Sale of Miami Beach Apartment Community
Calum Weaver and Perry Synanidis Negotiated the Sale of Rue Vendome on Behalf of a Private Investor
MIAMI, FL, December 5, 2018 — Cushman & Wakefield announced today that it has negotiated the sale of Rue Vendome, a renovated, 30-unit apartment rental on Normandy Isle in Miami Beach.
Calum Weaver and Perry Synanidis of Cushman & Wakefield’s South Florida Multifamily Team represented the seller, 6905 Rue Vendome Holding LLC, a local entity managed by Herve Barbera. Miami 6905 LLC, a Portland- and New York-based investment company, acquired the asset for $5.25 million ($175,000 per unit). The buyer was represented by Jesse Spencer of Compass.
Rue Vendome was built in 1958 and comprises three two-story buildings housing four studio apartments, 22 one-bedroom units and four two-bedroom units. The community offers lushly landscaped courtyards, off-street parking, gated-access and community laundry facilities. The average unit at Rue Vendome is 630 square feet with an average market rent of $1,293 ($2.05 per square foot). The property was 100% occupied at the time of sale.
6905 Rue Vendome Holding LLC recently completed an $880,000 renovation of the property that included exterior and interior upgrades such as new fac?ade and building painting, enhanced landscaping, hurricane-impact windows, a new gate, new kitchen cabinets and countertops, updated air conditioners and updated bathroom vanities and tile.
Rue Vendome is located on a 0.4-acre site at 6905–6921 Rue Vendome in Miami Beach. The area immediately surrounding the property will improve in the coming years with the implementation of the North Beach Master Plan, which was approved by the Miami Beach City Commission in 2016. This master plan calls for the development of a town center between 69th Street, 72nd Street, Collins Avenue and Indian Creek Drive; improved mobility options for vehicles, bikes and pedestrians; the protection and enhancement of the neighborhood’s significant stock of Miami Modern (MiMo) architecture; the creation and better utilization of public space; and improvements to local building codes in the face of more severe weather and rising sea levels.
“The North Beach area of Miami Beach will significantly change for the better over the next five years with The North Beach Town Center serving as a catalyst for the entire area and a much needed game changer to the market,” said Weaver. “Investors with windows in excess of five years should look for opportunities in the North Beach market.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Weaver, Synanidis, Zachary Sackley, Troy Ballard, Neal Victor, and Errol Blumer in South Florida; Luis Elorza and Brad Capas leading West Florida; Jay Ballard and Ken Delvillar in Central Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.