TM Realty Group is happy to announce that Cottage Cove apartments in northeast Miami-Dade County has been sold for $50 million. The 468 units, in 100 cottage-style buildings, at 10 N.E. 188th Street were sold to Marlin Spring Realty. The price equated to $106,837 per unit, or $151 per square foot.
Cottage Cove has 94 single-story buildings of four-units each and six multi-story apartment buildings. Amenities include a pool and laundry building.
Cottage Cove was developed in 1970. It last traded for $27.57 million in 2006.
Cushman & Wakefield said the apartments are 97 percent occupied with an average rent of $1.40 per square foot.
“Investor interest was very strong due to the sheer size of the property and value-add opportunity,” Weaver, an associate familiar with the sale, said. “The buyer is new to the South Florida market, highlighting an abundance of new domestic and foreign capital looking for value-add opportunities throughout the region.”
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