Here’s what sold between $2 million and $5 million this week

Miami /
May.May 12, 2015 12:00 PM

Palm Grove Apartments, Lauderdale Lakes: $3.4M

A 48-unit apartment complex in Lauderdale Lakes was sold for $3.4 million. Located at 3380-3390 Northwest 30th Street, the development was built in 1973 and consists of three two-story buildings.

It was purchased by a local joint venture, brokerage Marcus & Millichap said. The seller, a Boca Raton-based company titled Palm Grove Management, last purchased the apartments for $1.5 million in 2011.

Both parties were represented by Derek R. Gibbs, Daniel J. Cunningham and Tal I. Frydman of Marcus & Millichap.

Cunningham said properties between $1 million and $5 million have become popular with small local investors, who have been buying more frequently in recent months.

Office building on Biscayne Boulevard, Miami: $2.7M

An office building on Biscayne Boulevard was picked up by the family of architect Kobi Karp for $2.7 million.

The 28,171-square-foot building, at 11601 Biscayne Boulevard, was built in 1973 and last purchased by a company titled Alone BH in 2005 for $3.375 million.

An investment group lead by Nancy Karp, Kobi’s wife, picked up the property with plans to renovate it.

“Its a nice office building, all concrete, very strong, and has a MiMo look to it,” architect Kobi Karp told TRD. “And we’re looking to bring it back to its original glamour and create very nice office space.”

Fabio Faerman, of Fortune International/FA Commercial, brokered the deal.

Chateaux Gardens Townhomes, North Miami: $2.75M

A private investor from Bay Harbour Islands has picked up 13 units of a 14-unit townhome complex in the San Souci portion of North Miami for $2.75 million.

The price equates to  $211,538 per unit.

The Chateaux Gardens Townhomes, at 11810 Northeast 19th Drive,  was built in 1995 and houses 14 two-story townhomes that are 1,570 square feet.

Arthur D. Porosoff and David M. Cohen of brokerage Marcus & Millichap represented the seller — a private investor from North Miami — and Porosoff also represented the buyer.

Porosoff said the townhomes are currently rentals, and the buyer could continue to keep them for “in place cash flow,” or sell them individually.


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