Two Miami apartment complexes fetch $61M
An investor just paid nearly $61 million for a pair of 1970s-era apartment complexes near Cutler Bay.
The two rental communities were both built around 1974 and are located at 10900 and 11110 Southwest 196th Street. They were sold through separate deeds filed in Miami-Dade County last week for a combined $60.61 million.
Both communities were picked up by companies that list Shawn Chemtov as their managing member. Chemtov is an executive at both CMG Capital, a commercial lender, and MJ Holdings, a publicly traded company that owns assets relating to medical and recreational marijuana.
In the bigger of the two purchases, Chemtov paid $41.8 million for the complex at 10900 Southwest 196th Street. That community measures 393,427 square feet and has 441 units.
The smaller deal was for the 196-unit complex at 11110 Southwest 196th Street. A Chemtov-lead limited liability company spent $18.81 million for that community, which measures 223,601 square feet.
Chemtov financed the deal with a $45.457 million loan from BankUnited. The combined purchase price breaks down to $95,149 per unit.
The buildings have been owned by two separate entities for the last nine years: Cutler Bay Apartments LLC and First Cutler Gardens LLC. Both are managed by Maria Fuentes of Miami. Records show First Cutler Gardens paid $40.8 million for the apartments at 10900 Southwest 196th Street in 2006, though it’s unclear if that sale included both complexes.
County records show the buildings have been cited numerous times over the years for violations like leaky air conditioners and unsafe conditions.