Apartment buildings near Miami Shores sell for $11.4M

Deal breaks down to more than $121,000 per unit

TRD MIAMI /
Apr.April 12, 2016 09:45 AM

A pair of apartment buildings on the border of Miami Shores just traded for $11.4 million. 

Noden Properties sold the 94 units at 8951 Northeast Eighth Avenue and 800 Northeast 90th Street in Miami, according to brokers involved in the deal. That breaks down to more than $121,000 per apartment.

Jacob Serure of Charles Rutenberg Realty represented the seller, a Miami-based company. MSP Group’s Elliot Shainberg and Deme Mekras represented the buyer, who is undisclosed. Mekras said the sale was under contract for less than a month before it closed on Monday. The deal has not yet cleared county records.

Serure told The Real Deal in an email that he started marketing the properties in November through his network of buyers and brokers.

Property records show the apartments last sold for about $2.8 million in 1999. The larger five-story, 70,765-square-foot building was built in 1970, and the two-story, 5,385-square-foot building to the north was developed in 1968. Together, they total about 1.7 acres of land on the border between unincorporated Miami-Dade and the village of Miami Shores, east of Biscayne Boulevard.

The area is sandwiched between the MiMo neighborhood to the south and the city of North Miami to the north.

The seller, Noden Properties, is managed by Fidel Yero of Weston and Nora Yero of Miami.


Related Articles

arrow_forward_ios

Hollywood firm buys Tamarac apartments for $12.4M

Boutique project in Coral Gables hits the market for $3M

Art Deco apartments in South Beach to be converted to short-term rentals

Hollywood apartment complex flipped for $39M, marking $9M profit

Burke Leighton pays $11M for apartments in Miami, North Miami Beach

PHOTOS: On the scene at MSP Group’s launch in Wynwood

Former Franklin Street brokers launch new CRE firm

Daily Digest Miami

Miami Beach OKs hotel development on Lincoln Road, Bank OZK’s construction lending is up: Daily digest

arrow_forward_ios