1006 Bay Drive LLC Purchases Marina Del Rey For $24.5M In Miami Beach

The Marina Del Rey, a 108-unit apartment community located at 1006-1022 Bay Drive in Miami Beach, Florida, was sold for $24.5 million. The property boasts over 400 feet of direct waterfrontage with stunning views of Biscayne Bay and Miami, making it a rare find in Miami Beach's rental market.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $24,500,000.00
• Address: 1006 Bay Dr, Miami Beach, FL, 33141
• Market: Miami Beach
• Seller's Reps: Robert Given(CBRE), Troy Ballard(Cushman & Wakefield), Zachary (Zach) Sackley(CBRE)
• Buyer: 1006 Bay Drive LLC

Cushman & Wakefield facilitated the sale of Marina Del Rey. The seller, Finvarb Group, was represented by Calum Weaver, Garrett Pordes, Robert Given, Zach Sackley, and Troy Ballard in the transaction. Calum Weaver highlighted the property's appeal, mentioning the untapped potential of the unupgraded units and the significant revenue opportunity awaiting the new owner through a value-add strategy.