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Commercial R.E. NEWS

For Immediate Release
June 26, 2018

South Florida Multifamily Transactions, Prices Rise in 1Q

CONTACT:
Lynda Fernandez, 305-468-7040 or lynda@miamire.com
Chris Umpierre, 305-468-7047 or chris@miamire.com

South Florida multifamily real estate transactions jumped 8.5 percent year-over-year in 1Q
2018 and per-unit multifamily prices increased in Miami-Dade, Broward and Palm Beach counties,
according to the new 1Q 2018 The Quarterly Report – South Florida Commercial Real Estate released by
data firm Vizzda (Visual Data) and the MIAMI Association of Realtors Commercial (MIAMI Commercial).

“Increasing population, job growth and rising single-family home prices are increasing demand for South
Florida multifamily properties,” said 2018 MIAMI Commercial President Brian Sharpe, a commercial
Realtor with Sharpe Properties Group in Hialeah. “South Florida’s new transit options such as the new
Brightline Miami-to-West Palm train service is fueling more multifamily growth.”

The Quarterly Report – South Florida Commercial Real Estate includes stats on all property sectors.

Palm Beach County Posts a Banner Quarter for Multifamily Sales
Palm Beach County posted a record 34 multifamily transactions in 1Q 2018, totaling nearly 2,200 units
for $151,600 per unit. The West Palm/Riviera Beach and Green Acres/Palm Springs sub-markets had the
most transactions with 12.
The South Florida tri-county region finished with 140 multifamily transactions in 1Q 2018, an 8.5 percent
increase over the same period last year.
Miami-Dade County had the highest number of transactions at 65, which was in line with the third and
first quarters of 2007 but lower than the strong showing in 4Q 2017. Broward, meanwhile, saw an
increase in multifamily transactions because of a rise in transactions in Fort Lauderdale.