Edgewater assemblage flipped to Canadian buyer

$5.7M sale brings buyer's holdings to nearly 0.75 acres on the block

Nov.November 06, 2015 02:20 PM

A Canadian investor has added to its holdings in Edgewater with the purchase of four multifamily lots in the Miami neighborhood. 

35 OAK US 3 Inc. paid $5.7 million for the properties at 410-420 Northeast 27th Street and 415-425 Northeast 26th Terrace, Jacob Serure of Charles Rutenberg Realty told The Real Deal.

The sale closed Oct. 31 and includes a combined 20,800 square feet of land a block from Biscayne Bay. Three properties have low-rise apartment buildings; the fourth is a single-family home.

Serure and Fabrizio Taccone, of Keller Williams, represented the seller, Edgewater Fund II LLC, a company led by Miami Beach-based Massimo Nicastro. Nicastro is CEO at South Beach Estates, according to his LinkedIn profile. In March he paid $4.5 million for all four lots, Serure said, earning him a $1.2 million profit off this deal.

35 Oak, based in Toronto, owns the adjacent properties, which are on the corner of Northeast 27th Street, Northeast Fifth Avenue and Northeast 26th Terrace, according to Miami-Dade County property records. The company paid about $2.6 million for both corner lots between July and August. That brings their total on the block to about $8.3 million and 31,865 square feet, or nearly 0.75 acres.

Serure said his client, Nicastro, was approached with an offer they couldn’t refuse, despite having plans to develop the assemblage.

Earlier this week, a group of top real estate professionals from Toronto toured Miami’s prominent condo projects to learn how local developers are luring luxury buyers. Canadian real estate buyers purchased the fifth most property in South Florida among all foreign countries, according to an annual survey by the National Association of Realtors.

Maria Papaspirou of Fortune International represented the buyer of the Edgewater properties. She declined to comment on the sale and her client’s plans.

Nearby, Eastview Development and GTIS Partners are building Biscayne Beach, a nearly 400-unit tower on the water. Other projects in the area include Aria on the Bay, Elysee, Spark, Bay House, Icon Bay and the Crimson. In September, the founder of a Brazilian airline completed an Edgewater assemblage with the purchase of two properties for $4 million.

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