A North Miami apartment complex was just sold for $25.5 million to a pair of multifamily investors.
Dubbed the Center Court Apartments, the complex has 588 units and is located at 14695 Northeast 18th Avenue. It was built in 1971 and has a pool, two tennis and basketball courts, plus a 1.5-star rating on apartmentratings.com.
It was sold by a company called Yale Steam Center Court, an affiliate of the Yale-Steam Corp. based out of Washington D.C, according to Miami-Dade County property records. The company’s principals are Michael Minkoff and Robert Gray Jr.
It’s unknown how much Yale-Steam paid for the apartments, but this sale brought in roughly $43,367 per unit.
The buyer is YMP Center Court LLC, controlled by Moshe and Joseph Popack. The two are real estate investors who mainly focus on multifamily properties like this one. Dan Arev, another investor who worked with Moshe Popack on a deal in March, said Popack owns more than 3,000 apartments along the East Coast.
The Popacks financed their deal with a $21 million loan from Mercantil Commercebank. Mortgage documents say their loan matures in October 2022.