Chinese Investor Closes on Bulk Real Estate Deal at RISE Brickell City Centre
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A Chinese investor recently completed a bulk real estate investment deal with the purchase of 12 units at the luxury tower RISE at Brickell City Centre. The bulk purchase was for nearly $10.9 million for a total of 16,500+sf just shy of $660+SQ.FT. The investment included 10 units on the 28th floor ranging from $600k to $1.3 million in price. All units will be utilized as rentals with a possibility of future resale. The unnamed investor who lives in both Shanghai and Hong Kong reportedly plans to make future investments in Miami.
Asian investments in the Miami real estate market continue to surge with $665 million in investments in the first half of 2016 according to a recent CBRE report. This is a tremendous increase from 2015 Q1 & Q2 investment figures totaling $34 million. The Miami real estate market is currently the 4th strongest segment for Asian investments just behind New York, San Francisco, and Chicago.
RISE at Brickell City Centre consists of 390 luxury units with prices starting from $595,000 to $2.7 million in the heart of Miami’s financial district. Penthouse prices provided upon request.
Source: The Real Deal – October 27, 2016