Sentinel Real Estate Corp. acquires Miami Beach multifamily portfolio for $96m

Sentinel Real Estate Corp. has paid $96.57 million for a 452-unit multifamily portfolio in Miami. The portfolio comprises a total of 30 individual properties, 25 of which are located in the heart of South Beach, with the other five located in the coveted submarket of Bay Harbor in North Miami Beach. The acquisition marks the trade of the largest portfolio of rental apartments to be offered in the region. The seller was Boardwalk Properties.

Located between 7th and 16th streets, the South Beach properties are within walking distance to some of the most sought-after attractions in the area, including 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 ac