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Harbour Breeze Apartments

Value-Add Apartment Sale

Value-Add Apartment Sale | Harbour Breeze | 104 Units
Stuart, Martin County, Florida

CapasGroup Realty Advisors announces the closing of Harbour Breeze, a value-add apartment sale in Stuart, Florida, one of South Florida’s most affluent communities.

Built in 1973, the property reflects concrete construction and three spacious floor plans.  The property and the Martin County apartment market overall continue to experience strong rent growth and occupancy performance.

INVESTMENT HIGHLIGHTS

  • Limited existing competition in the market
  • Political barriers to entry will constrain future additions to competitive supply
  • Considerable upside potential to be realized through property enhancements
  • Convenient to employment, neighborhood amenities and shopping
  • All kitchens and bathrooms have upgraded cabinets and counter tops

TRANSACTION SUMMARY

CapasGroup Realty Advisors, as exclusive agent, represented the seller – a Miami-based private investment group.  The purchaser was also a private investment group with substantial multifamily holdings in Stuart and surrounding communities.  This value-add apartment sale traded for $5 million or approximately $48,077 per unit.  Harbour Breeze was about 95% occupied at the time of sale.  It is our understanding the buyer intends to implement a renovation program to upgrade the property and drive rents.

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