Apartments near North Miami Beach trade for $17.7M

Presidential House Apartments entrance
Presidential House Apartments entrance

The Presidential House Apartments near North Miami Beach changed hands for about $17.7 million, The Real Deal has learned.

Aventura-based Advenir sold the 248-unit complex at 1560 Northeast 191st Street on Thursday, according to Miami-Dade County records. The county recorded the transaction Monday. Advenir paid $12.6 million for the property in July 2009.

Founded in 1996, Advenir acquires and operates rental apartment communities on behalf of high net worth and institutional investors, according to its website. Its portfolio totals 7,400 units valued at more than $550 million.

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The buyer of Presidential House is Aventura Oaks of Miami Lakes. State corporate records identify Oded Meltzer as the company’s manager. Aventura Oaks assumed an existing Freddie Mac loan with a $5.1 million balance as part of the transaction.