Lurra Capital Acquires Property At 1501 SW 37th Ave Miami For $42.5M With Calum Weaver As Seller's Rep
SOLD
$42,500,000
+ 1
Florida
See Similar DealsMultiFamily
SOLD
Lurra Capital Acquires Property At 1501 SW 37th Ave Miami For $42.5M With Calum Weaver As Seller's Rep
1501 SW 37th Ave, Miami, FL, 33145
See Similar DealsMultiFamily
+ 1
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The property involved in this transaction is Blume Coral Gables, a 100-unit apartment community located at 1501 SW 37th Avenue, Miami, FL, in the Miami market. It was acquired for $42,500,000.00. The property, constructed in 2019, includes a mix of lofts, one-bedroom, and two-bedroom units. Additionally, it features 6,191 square feet of ground floor retail space.
Summary of transaction details:
- Property Type: Apartment Community
- Transaction Amount: $42,500,000.00
- Address: 1501 SW 37th Ave, Miami, FL, 33145
- Market: Miami
- Seller's Representative: Calum Weaver - Cushman & Wakefield
- Buyer: Lurra Capital
The transaction was represented by Calum Weaver, Robert Given, Troy Ballard, and Zac Sackley from Cushman & Wakefield on behalf of the seller, 37 Gables Property LLC, an affiliate of Greystone. Tyron Birkmeir, founder and CEO of Lurra Capital, commented on the Miami multifamily market fundamentals, noting the strong job market and limited new construction availability in the area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$150,993.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$201,471.68
Annual Debt Service$2,417,660.19
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