Cushman & Wakefield Arranges $5.8M Sale of North Miami Beach Apartment Community
Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of a 36-unit apartment community located at 16851 NE 18th Avenue in North Miami Beach. The final sale price was $5.8 million, which comes out to $161,111 per door.
Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of a 36-unit apartment community located at 16851 NE 18th Avenue in North Miami Beach. The final sale price was $5.8 million, which comes out to $161,111 per door.
Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, EUS at 18th Ave LP., in the transaction. Demian Perelmuter with F Advance Mgmt., which specializes in stabilized and value-add multifamily acquisitions, acquired the property. “F Advance Mgmt. plans to renovate the property and providing updated units that are needed within the market,” Perelmuter said.
Built in 1964, the property includes one three-story building with one- and two-bedroom units averaging 772 square feet. The property was fully leased at the time of the sale.
By Katya Demina
LeFrak Acquires Marina Del Rey Apartment Complex In Miami Beach From The Finvarb Group For $24.5 Million
Billionaire New York real estate investor Richard LeFrak’s LeFrak organization has acquired the Marina Del Rey apartment complex in Miami Beach from The Finvarb Group for $24.5 million, $226.852 per unit. The waterfront multifamily property is located at 1006-1022 Bay Drive in Miami Beach.
Billionaire New York real estate investor Richard LeFrak’s LeFrak organization has acquired the Marina Del Rey apartment complex in Miami Beach from The Finvarb Group for $24.5 million, $226.852 per unit. The waterfront multifamily property is located at 1006-1022 Bay Drive in Miami Beach. The deal was overseen by Garrett Pordes and Calum Weaver of Cushman & Wakefield who represented the seller.
The Finvarb Group originally acquired Marina Del Rey in 1997 for $2.1 million. The 108-unit complex spans 84,500 square feet on a 1.4 acre site. The two existing buildings were developed in 1957 and 1961 and rise two and four stories.
The LeFrak organization has become increasingly active in South Florida. The firm is co-developing SoLé Mia in North Miami with Turnberry Associates as well as was a joint venture partners with Barry Sternlicht’s Starwood Capital Group in the redevelopment 1 Hotel & Homes in Miami Beach. LeFrak Organization also owns the Monarc at Met apartment building located at 201 SE 2nd in Downtown Miami.
Mast Capital and BH Group have announced Raffles Residences Coconut Grove, the brand’s first standalone residential development, with 35 homes from $4.5 million and architecture by Brandon Haw.