Grubb & Ellis represented Sterling Financial, a California based syndicate and owner of apartment properties, in the sale of Sail Cove Apartments located at 18701 NE 3rd Court in Miami. The rental community, built in 1971, consists of 240 units in seven three-story buildings. 25% of the units are one-bedroom, 62% are two-bedroom and 13% are three-bedroom. The property was sold to Pinnacle Housing Group, a Florida-based housing development, construction and management company. Pinnacle's major focus involves urban revitalization and in-fill developments. Rosendo Cavciro, senior vice president in Grubb & Ellis's Miami office, led the Grubb & Ellis South Florida Multi-Housing Investment Team. Other team members include Richard Davis in Boca Raton and Teresa Talley in Miami. Sail Cove Apartments sold for approximately $4.9 million, about $20,400 per unit.