Miami Beach-based Boardwalk Properties paid $59 million for a portfolio of 15 multifamily properties in South Beach.
The 240-unit portfolio was listed in September for $65 million. At the time, CBRE said the assemblage was one of the largest made available for sale in the neighborhood’s history. CBRE’s Calum Weaver was the listing agent.
The deal brings Boardwalk’s total to 50 properties and more than 700 apartments, the largest multifamily owner in Miami Beach.
Bar Invest Group, a Brickell-based investment management firm led by Herve Barbera, sold the South Beach Collection, according to CoStar data. The buildings, which are mostly mid-rise, garden-style apartments, total 156,347 square feet and 2.79 acres of land. They were built between 1925 and 1971 and are located between Seventh and 15th streets in Miami Beach.
Units sold for an average of $246,000.
In a press release, Boardwalk Properties principal Adam Walker said the firm will preserve the properties’ Art Deco façades, replace roofs, paint the exterior and common areas, install central air conditioning, hurricane impact windows and doors, security cameras, laundry services and more.
Walker told the Miami Herald that the company plans to renovate the properties and raise rents, which averaged $1,380 per month, by as much as 50 percent. The units average 615 square feet and range from studios to two bedrooms.
On its website, Boardwalk Properties said it has a portfolio of 35 multifamily buildings, and its properties are managed by Bar Invest Group. Boardwalk will keep the management company in place, according to the press release. Bar Invest declined to comment on the sale.
Here is a map of the South Beach Collection portfolio: