7745/90 Tatum Water Way Dr., 700&715 78th St., M.Beach, FL
Completion Date: Under Development
Gross Area: 4 acres of land with more than 1,000 lineal feet of frontage on the Tatum Waterway
Net Rentable Area: 170,384 S.F.
Asset Type: Multifamily
The Grand Beach Apartments assemblage is a 180-unit, garden-style community encompassing 22 buildings in Miami Beach, Florida. The multifamily complex is situated on 4 acres of waterfront land with more than 1,000 lineal feet of frontage on the Tatum Waterway. The Tatum Waterway is a saltwater waterway that ultimately leads to Biscayne Bay and the Atlantic Ocean. The property is located in the Altos Del Mar Neighborhood, which is a section of the northern part of Miami Beach known as North Beach. The property is within four blocks from the Atlantic Ocean and the North Shore Open Space Park, which is the largest park located on the Atlantic Ocean in Miami Beach.
Ytech had a particular interest in this submarket due to the high demand for quality multifamily housing and the strong job market in the surrounding areas. This area also offers a great quality of life for young professionals and families alike, with its active lifestyle. The rental market in North Beach is very fragmented, with most properties being of a smaller scale, and to be able to acquire 180 units on four acres of land just steps from the ocean is exceptionally rare.