Sentinel Real Estate Corp. has acquired a 452-unit multifamily portfolio in Miami for $96.57 million. The portfolio includes 30 individual properties—25 located in South Beach and the other five in the submarket of Bay Harbor in North Miami Beach.
According to Sentinel, the acquisition marks the trade of the largest portfolio of rental apartments to be recently offered in the region. The seller, Boardwalk Properties, was represented by Cushman & Wakefield in the transaction.
Located between 7th and 16th streets, the South Beach properties are within walking distance to some of the area’s most sought-after attractions, including the Miami Beach Convention Center. According to Sentinel, the historically protected neighborhood has a significantly constrained rental market due to the high conversion rate of apartment buildings to condos. The Bay Harbor properties are located on East Bay Harbor Drive, which runs along the eastern waterfront of Bay Harbor Island.
The previous ownership had invested approximately $10 million within the portfolio over the last six years. In acquiring the portfolio, Sentinel plans to upgrade the interiors to feature high-quality finishes to enhance the attractiveness of each property and drive rent growth. As part of the repositioning, the portfolio will be rebranded as Helios Apartments Miami Beach.
Established in 1969, New York-based Sentinel has acquired a national multifamily portfolio on behalf of domestic and international institutions. The real estate investment management firm has $7.4 billion of institutional-quality real estate assets under management and has offices through the U.S., the Netherlands, Germany, and Australia. Its portfolio comprises over 25,000 apartment units and 5.5 million square feet of commercial real estate.
