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Former Low-Income South Beach Apartments Hit Market As Possible Hotel Conversion

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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

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