New York firm sells Miami Gardens apartment complex for $23M

Miami /
Aug.August 17, 2016 09:45 AM

New York-based AION Partners sold an apartment complex in Miami Gardens for $22.7 million.

Records show an affiliate of AION sold the Park Plaza Apartments, a 13-building community at 17600 Northwest Fifth Avenue, to EB Park Plaza LP, a company controlled by Benny Tenenbaum also of New York.

AION recently sold its other South Florida property, the Serrano apartment complex in West Palm Beach, for $26 million in June. The investment firm bought both sites out of foreclosure, and financed both properties with a $33.5 million loan last spring to repay debt and for renovations.

Before AION bought the 234-unit Miami Gardens community in 2010, it sold for $15.4 million in 2006. Built in 1972, the 8-acre property has one-, two- and three-bedroom apartments. Units include updated interiors, kitchens with granite-style countertops and central air conditioning, according to the Park Plaza’s website.

The deal breaks down to $97,000 per apartment.

The buyer financed its purchase with a $19 million mortgage from Arbor Commercial Funding I.


Related Articles

arrow_forward_ios
Yamal Yidios and 2545 Northwest 207th Street, Miami Gardens (Google Maps)
Greenstone pays $78M for Miami Gardens apartments
Greenstone pays $78M for Miami Gardens apartments
Miami Gardens warehouse sells for $6M
Miami Gardens warehouse sells for $6M
Miami Gardens warehouse sells for $6M
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)
Former actor sells Miami Gardens hotel for $6M
Former actor sells Miami Gardens hotel for $6M
Renderings of 502 NY 207th Street and Coastland Construction president Alex Rodriguez (Coastland, Miami Gardens)
Touchdown! Housing development near Hard Rock Stadium scores $38M loan
Touchdown! Housing development near Hard Rock Stadium scores $38M loan
Roger DeLisle of Island Associates and 17237 NW 27th Avenue, Miami Gardens (Credit: Google Maps)
Winn-Dixie-anchored shopping center sells for $14M
Winn-Dixie-anchored shopping center sells for $14M
Core Investment Properties Fund’s Adam Greenberg and Michael Lapointe with 16101 Northwest 57th Avenue (Credit: Google Maps)
Rand Real Estate sells four properties in Miami Gardens for $34M
Rand Real Estate sells four properties in Miami Gardens for $34M
Gilbert Benhamou and the property (Credit: LinkedIn and Google Maps)
Immocorp Capital pays $15M for site of Miami Gardens City Center
Immocorp Capital pays $15M for site of Miami Gardens City Center
Hard Rock Stadium (Credit: Getty Images, iStock)
Why Super Bowl LIV could spark interest in Miami Gardens real estate
Why Super Bowl LIV could spark interest in Miami Gardens real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...