Miami, FL (December 17, 2021) – Jamestown, a design-focused real estate investment and management firm, today announced it sold Beach Place, a 308-unit apartment community in Miami’s Sunny Isles Beach submarket, to a private buyer.
“We purchased the property in 2009 as part of a broader strategy to diversify our holdings throughout the southeast U.S.,” said Michael Phillips, President of Jamestown. “We enjoyed investing in Beach Place for many years and continue to be active in South Florida.”
Currently 96% leased, Beach Place consists of four, six-story buildings offering 213 one-bedroom units and 95 two-bedroom units averaging 900 square feet. The seven-acre, 277,200 square-foot, property is located at 17101 North Bay Road in Sunny Isles, within minutes of the beach, Milam’s Market, and other key destinations like Aventura Mall, Bal Harbour Shops, Oleta River State Park, and Florida International University.
Over the course of its ownership of the property, Jamestown renovated the apartments and amenity spaces. Individual units include gourmet kitchens with stainless steel appliances and granite countertops, tile and hardwood flooring, walk-in closets, and patios or balconies. Amenities include a fitness center, pool and hot tub, bark park and dog wash, business center, and bike parking.
Jamestown continues to own and operate a significant portfolio of properties in South Florida, including five shopping centers totaling 593,000 square feet.
Berkadia Institutional Solutions represented Jamestown in the transaction. Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associates Jose Mota and Omar Morales of Berkadia Miami, completed the sale on behalf of Jamestown.
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Jamestown is a global, design-focused real estate investment and management firm with a 38-year track record and mission to create places that inspire. Since its founding in 1983, Jamestown has executed transactions in excess of $35 billion. As of September 30, 2021, Jamestown has assets under management of $13.1 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. Jamestown employs more than 400 people worldwide with headquarters in Atlanta and Cologne, and offices in Amsterdam, Bogotá, Boston, London, Los Angeles, Madrid, Milan, New York, San Francisco, and Washington, D.C. Current and previous projects include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Building in Boston, and Groot Handelsgebouw in Rotterdam. For more information, visit www.jamestownlp.com.