The Real Deal Miami

Apartment buildings near Miami Shores sell for $11.4M

Deal breaks down to more than $121,000 per unit

April 12, 2016 09:45AM
By Katherine Kallergis

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Apartments near Miami Shores, Jacob Serure, Shainberg and Mekras

Apartments near Miami Shores, (Inset: Jacob Serure, Elliot Shainberg and Deme Mekras)

A pair of apartment buildings on the border of Miami Shores just traded for $11.4 million. 

Aerial view of the two buildings

Aerial view of the two buildings

Noden Properties sold the 94 units at 8951 Northeast Eighth Avenue and 800 Northeast 90th Street in Miami, according to brokers involved in the deal. That breaks down to more than $121,000 per apartment.

Jacob Serure of Charles Rutenberg Realty represented the seller, a Miami-based company. MSP Group’s Elliot Shainberg and Deme Mekras represented the buyer, who is undisclosed. Mekras said the sale was under contract for less than a month before it closed on Monday. The deal has not yet cleared county records.

Serure told The Real Deal in an email that he started marketing the properties in November through his network of buyers and brokers.

Property records show the apartments last sold for about $2.8 million in 1999. The larger five-story, 70,765-square-foot building was built in 1970, and the two-story, 5,385-square-foot building to the north was developed in 1968. Together, they total about 1.7 acres of land on the border between unincorporated Miami-Dade and the village of Miami Shores, east of Biscayne Boulevard.

The area is sandwiched between the MiMo neighborhood to the south and the city of North Miami to the north.

The seller, Noden Properties, is managed by Fidel Yero of Weston and Nora Yero of Miami.