Holly House
Cushman & Wakefield announced today that it has negotiated the sale of Holly House, a 57-unit, value-add apartment community located at 11950 NE 2nd Avenue in North Miami, FL.
Calum Weaver and Perry Synanidis of Cushman & Wakefield’s South Florida Multifamily Team negotiated the disposition on behalf of Barry University, Inc. The 45,396-square-foot asset was acquired by Holly House Partners, LLC, a subsidiary of Freshwater Group — a New York investment firm led by Alfred Sayegh — for $7.1 million.
“Sayegh is a big believer in the strength of the Miami residential market and has been very active with residential acquisitions over the past several years,” said Weaver.
Holly House is a three-story multifamily community developed in 1968 and acquired by Barry University in 2009 to serve as student housing for the school’s growing enrollment. The university recently built new dormitories and the apartment building was vacated in May 2017.
The property offers a mix of one- and two-bedroom units featuring full kitchens and private patios. Community amenities include gated grounds, a pool, a courtyard, a laundry room and 66 on-site parking spaces. The average unit at Holly House is 796 square feet.
“Holly House was a proven value-add opportunity,” Weaver said. “Despite the building being vacant, we received 14 offers from investors that recognized the potential to improve the property. Investors see this as an opportunity to reposition an asset and attract renters that are unwilling to pay Class A rents, yet able to pay a premium to be in a secure, renovated asset.“
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.
