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.“
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