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The Real Deal Miami

Seabreeze Harbor complex trades for $15M

February 08, 2011 02:08PM

Riviera Beach’s Seabreeze Harbor Apartment Houses, which sold for $33 million in 2006 but then for just $11 million in 2009, has changed hands again for $14.98 million, signaling a possible rebound in the South Florida multi-family market. The 520-unit complex, which sits on a 40-acre parcel at 2304 North Congress Avenue, had been plagued by crime in the past, but Continental Real Estate Companies’ Peter Mekras, who represented the seller in the deal, said his client had “mitigated those problems during his hold period.” The buyer, a “private Miami-based owner and operator,” plans to renovate, rebrand and reposition the property. “Eighteen months ago, Seabreeze Harbor was illiquid and non-recourse financing was unavailable for non-performing assets,” Mekras said. “But the market has since changed dramatically and there is reason to believe that we will see a gradual uptick in multi-family trades throughout the remainder of 2011.” [GlobeSt]