The Real Deal Miami

North Miami Beach apartment portfolio sells for $28M

Combined last sale price for three parcels was $12.1M

May 07, 2015 03:00PM
By Katherine Kallergis

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Grand Island Place 1 and Roy Faith of FIP Realty

Grand Island Place 1 and Roy Faith of FIP Realty

Three apartment complexes in North Miami Beach sold for $28 million, according to Miami-Dade County records.

The acquisition was carved out of a portfolio of nearly 700 rental units, listing agent Roy Faith of FIP Realty told The Real Deal.  

Grand Island Place, at 1495 to 1551 Northeast 167th Street, and Aventura Brentwood Apartments, at 2350 Northeast 173rd Street, sold to an LLC with a Lauderdale-by-the-Sea address. The deal includes 310 units.

Grand Island Place I, a two-building, eight-story complex at 1551 Northeast 167th Street sold for $16.5 million and includes 200 apartments. The 2.8-acre property sold for $16.5 million — nearly three times its last sale price of $6 million in July 2010, according to property records.

Grand Island Place I includes 15,000 square feet of retail space. Tenants include a cafe and pediatrician’s office. About 5,500 square feet are available for lease.

“We’re in talks with a local daycare operator, which will be a great tenant to have,” Faith said. “It’s good synergy.”

Grand Island Place II sold for $5 million and includes 60 apartments. It was built in 1959 and last sold for $3.2 million in November 2012.

The third property, Aventura Brentwood apartments in North Miami Beach, includes 50 rental units. It sold for $6.5 million. The 59,382-square-foot building was constructed in 1969. It last sold for $2.9 million in July 2004, according to property records. It’s located about one block west of Marina Palms Yacht Club & Residences, which when completed will have two 25-story towers and a combined 468 units.

Grand Island Square is the buyer. The LLC is affiliated with Grove Island Property Management, which lists local Realtor Felice Mehaber on its corporate records. All three parcels include outdoor pools.

FIP recently represented the Miami Rescue Mission in its listing of part of a Wynwood portfolio for $22 million.