Jamestown borrows $35M for Sunny Isles apartments

Investment firm bought the community in 2009 for $31.3M

Jan.January 12, 2016 11:15 AM

Atlanta-based Jamestown has closed on a $35 million mortgage for a newly renovated apartment complex it owns in Sunny Isles Beach.

Miami-Dade County records show that a Jamestown affiliate took the loan out for Beach Place, a 308-unit community at 17103 North Bay Road. PNC Bank is the lender. Jamestown CEO Matt Bronfman signed the mortgage. 

The property, formerly known as Vista View Apartments, includes one- and two-bedroom apartments. Jamestown renovated the interiors and exteriors, according to the community’s website. Property records show that it was originally developed in 1972. Jamestown purchased the property out of foreclosure in 2009 for $31.25 million. Sky Development, operating as Vista View Apartments Ltd., sold the complex, which is located east of the Intracoastal Waterway and north of Sunny Isles Boulevard.

Amenities at Beach Place include a billiard room, bocce court, dog park, heated pool with a spa, sun decks, grill areas, a clubhouse, business center and gym. It also features Banyan trees and native plants.

Late last year, the Atlanta and Germany-based real estate investment and management firm purchased a retail property on Washington Avenue in Miami Beach for about $19 million. Jamestown, which has a $7.6 billion portfolio in the U.S., also purchased a Victoria’s Secret-anchored property on Collins Avenue in March for $25 million.

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