Boardwalk Properties just paid $5.85M for the Deco Meridian Apartments near Lincoln Road, adding to its multifamily portfolio in Miami Beach.
The two-story, 29-unit apartment building at 1567 Meridian Avenue is on a 15,000-square-foot lot and includes an interior courtyard. The apartments, which encompass 15,580 square feet, include 21 studios, five one-bedroom, one-bathroom units and three two-bedroom, two-bathroom units. The price breaks down to $375 per square foot.
Marcus & Millichap’s Joseph P. Thomas, first vice president of investments; Adam G. Duncan, senior associate; and Brett McMahon, associate, all in Marcus & Millichap’s Fort Lauderdale office, represented both sides of the deal.
Boardwalk Properties, led by Adam Walker, plans to renovate the property and increase the rents, which are now below market rates, Thomas told The Real Deal. “This takes them to 775 units in Miami-Dade, from Miami Beach through Bay Harbor,” he said.
“The buyer is active on the beach, has a long-term vision and is a long-term investor,” Thomas added. “It’s a good fit for them, close to the rest of their portfolio and it’s a good template for them.”
The seller is Deco Due LLC, led by Ambrogio Calcaterra and Massimiliano Calcaterra. Property records show the entity purchased the building for $3.25 million in November 2011.
“The sellers did a condo conversion next door and were toying with that idea here,” Thomas said, “but elected to sell the property instead.”
A year ago, Miami Beach-based Boardwalk Properties paid $59 million for a 240-unit portfolio of 15 multifamily properties in South Beach. The company, formed in 2014, owns a total of 50 buildings, according to its website.