April 22, 2021, Erika Morphy, GlobeSt.com - Sentinel Real Estate Corp. has acquired a 452-unit multifamily portfolio in Miami for $96.57 million from Boardwalk Properties. The portfolio consists of 30 individual properties, 25 of which are located in the heart of South Beach, with the other five located in the Bay Harbor submarket in North Miami Beach. The acquisition marks the trade of the largest portfolio of rental apartments to be offered in the region, according to the company. Cushman & Wakefield represented the seller in the transaction.
Located between 7th and 16th Streets, the South Beach properties are within walking distance to Lincoln Road, Ocean Drive, Collins and Washington Avenues, and the Miami Beach Convention Center. The historically protected neighborhood has a significantly constrained rental market, due to the high conversion rate of apartment buildings to condominiums. The Bay Harbor properties are located on East Bay Harbor Drive, which runs along the eastern waterfront of Bay Harbor Island across from the Miami Beach peninsula and Bal Harbor.
The previous ownership has invested approximately $10 million in the portfolio over the last six years. Sentinel intends to upgrade the interiors to drive rent growth. As part of the repositioning efforts, the portfolio will be rebranded as Helios Apartments Miami Beach.