Jamestown is looking to cut off a slice of its Collins Avenue portfolio by listing a historic South Beach apartment building for sale.
The Atlanta-based real estate investment firm, led by CEO and principal Matt Bronfman, retained Marcus & Millichap to market 727 Collins Apartments at 727 Collins Avenue in Miami Beach, according to an online listing. Jamestown and Marcus & Millichap’s Joseph Thomas, who is leading the marketing efforts, declined comment.
After publication, Thomas said the price guidance is $15 million. In 2015, a Jamestown affiliate paid $12.3 million for the four-story Art Deco building completed in 1930, records show.
The 25-unit property operated as a low-income, housing tax-credit apartment building until April when the restrictions expired, the listing states. As a result, potential buyers will be able to convert 727 Collins Apartments into a limited-service hotel or a short-term rental building, according to Marcus & Millichap. The 23,238-square-foot building, a mix of one- and two-bedroom apartments, also has a ground-floor retail store.
Source: The Real Deal