The Real Deal Miami

Riverview apartments in Little Havana sell for $14M

11-story tower sold for $215,870 per unit

January 22, 2016 10:30AM
By Katherine Kallergis

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Riverview in Little Havana

Riverview in Little Havana

A Brooklyn-based investor has picked up an apartment building in Miami’s East Little Havana neighborhood for $13.6 million.

Miami-Dade County records show Veneto Group LLC sold the 63-unit building to three entities managed by Samuel Matalon and Alfred Sayegh, both of Brooklyn. Veneto Group is tied to Brickell-based Amalfi Investments. Alejandro Villamizar manages both LLCs, according to corporate records.

Veneto acquired the 11-story tower at 120 Southwest Eighth Avenue out of foreclosure in 2010, the same year it was completed. Riverview in Little Havana sits on a 20,865-square-foot lot and spans 112,528 square feet. Property records show the building sold for about $120 per square foot, or $215,870 per apartment.

The buyers, Bedford Realty Group, ASJM Realty Group and Burke Leighton Holdings, financed the deal with a $6.1 million mortgage from TD Bank.

The building is near the Miami River and Brickell neighborhoods, both hotbeds of new development this cycle, including the recent sales launch of One River Point along the river and Swire Properties’ Brickell City Centre, which will begin opening this year.