5100 Riviera Dr
Coral Gables, FL 33146
Legacy at Riviera · Multifamily Property For Sale · 14 Units

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Riviera Waterway, a rare fourteen-unit, ultra-luxury waterfront rental community strategically located in the heart of the city of Coral Gables, in the exclusive and highly sought-after Riviera submarket. Constructed in 2016, Riviera Waterway is the epitome of luxury, with some of the most innovative design and construction strategies that are shaped to provide its residents the feeling of exclusivity and anonymity while situated in a busy urban setting. Riviera Waterway provides residents a tranquil, waterfront enclave and blends a Mediterranean aesthetic with modern amenities featuring impact glass windows, stainless steel appliances and high-end finishes. Community amenities include a secured lobby with telephone entry, gated parking garage, swimming pool, picnic and BBQ areas, and approximately 180 feet of waterfront with 100 feet of boat dockage. Rivera Waterway offers a very attractive mix of ten two-bedroom and two-bathroom apartments averaging 1,237 rentable square feet and four three-bedroom and two-bathroom units averaging 1,439 rentable square feet. Those that are looking for luxury and privacy choose to live at Riviera Waterway. The current owner developed the property in 2016 and although the building has been operating as rentals, a condominium conversion is one of many potential exit strategies for a new owner. With the rising cost of construction and lack of truly marquee locations available for development, Riviera Waterway is a very unique and desirable property. The uniquely urban location of Riviera Waterway, in conjunction with Coral Gable’s strong job growth, presents very compelling long-term fundamentals for multifamily ownership. There has been a double-digit population growth within a mile of the subject property since 2010. Residential population growth over the past decade is largely due to the increasing assortment of housing choices, amenities and attractions that make living in Coral Gables a highly desirable option for residents. Riviera Waterway benefits from the concentrated work-force of surrounding companies and a daytime population of over 43,000 people. One of the key rental demand drivers for Riviera Waterway is the fast-growing businesses, expanding job market in the immediate area as well as the growth of The University of Miami with over 16,000 staff and faculty and 17,000 students. Riviera Waterway is in the heart of Coral Gables and surrounded by entertainment, world class shopping, restaurants and attractions that make Coral Gables one of the most desirable areas to live in Florida for individuals and families. Coral Gables was developed by George E. Merrick in the 1920’s and incorporated in 1925. The city’s architecture is almost entirely Mediterranean Revival style, mandated in the original plan. Merrick meticulously designed the downtown commercial district to be only four blocks wide and more than two miles long. Merrick could boast that every business in Coral Gables was less than a two-block walk. In 1925, roughly simultaneous to the founding of Coral Gables, the city was selected as the home to the University of Miami, which was constructed that year on 240 acres of land just west of South Dixie Highway (US-1), approximately three blocks west of Riviera Waterway Apartments. Within his project to develop Coral Gables, George E. Merrick decided that he would design small communities, or villages, within Coral Gables with different international influences. The villages still exist today and have Dutch South African, French Normandy, French City, French Country, Florida Pioneer/Colonial and Chinese Villages. The Chinese Village sits across the street from the Riviera Waterway Apartments and is inspired by Oriental architecture, all houses are linked by a common wall, creating a unique compound. The architect was Henry Killam Murphy and the houses were built between 1926 & 1927.