The Real Deal Miami

Local investor nabs Miami Springs apartment building

George Befeler's company pays $6.4M for site with room for future development
September 15, 2014 11:15AM

George Befeler

George Befeler

A local investor picked up a Miami Springs apartment building on a site with significant development potential.

Brickell Park L.C. of Coconut Grove paid $6.4 million for the 97-unit building on 4.5 acres at 749-767 Curtiss Parkway last month, according to Miami-Dade County records. The site is located across from the Miami Springs Golf & Country Club. The seller, Coral Gables-based 749 Curtiss Parkway LLC, paid $4.2 million for the property in May 2010.

Banco Popular North America gave Brickell Park a $3.5 million loan.

The buyer intends to rehabilitate the apartment building and hold the property for future redevelopment, according to George Befeler, an attorney and investor who owns Brickell Park. Befeler also owns the Citadel Group, a Miami-based real estate investment firm.

Brickell Park sold three small apartment buildings in the Brickell area to Choice Hotels for $9.5 million in July. — Eric Kalis