Star Creek Apartments multi-family property sells in North Miami Beach

The 314-unit Star Creek Apartments in North Miami Beach has been sold for an undisclosed amount, according to Continental Real Estate Companies, which brokered the deal on behalf of the property’s Miami-based owner. Star Creek, which is located at 361 Northeast 191st Street in North Miami Beach, is the fifth multi-family sale handled by CREC in the first five months of 2012. The complex, which was 94 percent occupied at the time of sale, had previously been acquired for $11 million around 10 years ago. “The sale of Star Creek Apartments demonstrates continued investor demand for apartment communities in Florida, particularly among local owners and operators who understand the underlying value of older assets that many not attract interest from institutional buyers,” said Peter Mekras, who handled the deal for CREC. — Alexander Britell