CBRE announced Feb. 26 it facilitated the $13.13 million sale of Belle Rive Club Apartments along Southside Boulevard.
Stuart-based Main Street Residential purchased the property from Ohio-based KRI Properties. CBRE’s Cliff Taylor, Joe Ayers, Michael Regan and Francesco Carriera represented the seller in the transaction.
KRI, through KRI Belle Rive LLC, acquired the property in 2017 for $7.6 million.
Ayers said in the news release the property received offers from several out-of-state companies.
“We expect this trend of investors trying to relocate capital from the Northeast into Florida to continue throughout 2021,” he said.
The 104-unit community is at 8715 Belle Rive Blvd. The news release said multifamily sales in the Southside submarket have outpaced others in the metropolitan statistical area.
Belle Rive Club offers one- and two-bedroom layouts with rents from $829 to $1,099 a month. Units have carpeted or hardwood floors, central air conditioning, dishwasher, renovated cabinets, screened patios, an in-unit washer and dryer and vertical blinds.
Amenities include a business center, on-call maintenance, outdoor kitchen, play area, swimming pool and fitness center.
“Prior to the sale, KRI invested a significant amount of capital on exterior improvements, leaving a great opportunity for the buyer to focus its capital on interior improvements,” Ayers said in the news release.
“Under its new ownership, Belle Rive Club Apartments will undergo a meaningful upgrade to its units’ interiors and will be better positioned to capitalize on renters’ demand for improved product in the area.”