REMS Group, Inc. sold the Brickell Station Lofts, a multifamily development at 100 SW 10th St. in Miami, Florida to MDR Real Estate LLC for $17 million, or about $270,000 per unit.
The property is a nine-story, 80,712-square-foot building constructed in 2009. The apartment building is a mix of 12 one-bedroom and 51 two-bedroom units that range from 910 to 1,342 square feet.
The asset been foreclosed on during development, and the seller acquired the asset in 2009, completed development, stabilized the occupancy and then sold the building.
Javier Cardenal of Interinvestments Realty represented the buyer. Jaret Turkell and George Vail of HFF represented the seller.
For additional information on this transaction, please see CoStar COMPS #2250591.