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South Florida

Developers pay $27M for huge Miami Beach apartment portfolio

A bird's-eye view of North Beach, taken from the Akoya Condominiums in 2008 (Credit: Marc Averette)
A bird's-eye view of North Beach, taken from the Akoya Condominiums in 2008 (Credit: Marc Averette)

Ytech International, a Miami-based development company, just picked up a portfolio of 188 apartments in Miami Beach for $27.15 million.

The units are spread between more than a dozen buildings, most of which were built in the late 1940s, along the 7700 block of Tatum Waterway Drive in North Beach.

A deed for the assembly was recorded late last week, as well as $21.27 million in financing from Banesco USA.

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A map of Ytech's purchase in North Beach

A map of Ytech’s purchase in North Beach

The seller was a company titled Grand Beach, headed by Roy and Roland Faith of Aventura. The pair picked up the assembly for $11.98 million in 2013, according to Miami-Dade County property records.

Ytech is a developer, owner and operator of both multifamily and office buildings in South Florida and Texas. The company has a portfolio of around 3,000 apartments between the two states, and made many of its purchases in Florida during the real estate downturn starting in 2007, according to the Ytech website. Ytech’s CEO is Yamal Yidios Char.

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