The Real Deal Miami

NY investment firm scoops up vacant apartment community in North Miami

The complex was vacated in May
November 16, 2017 09:45AM


Holly House Apartments with Cushman and Wakefield’s Calum Weaver and Perry Synanidis (Credit: Holly House Apartments, Cushman & Wakefield)

A New York investment firm just scooped up a vacated apartment community in North Miami for $7.1 million, according to the firm that brokered the deal.

Holly House Partners, LLC, a subsidiary of Freshwater Group, a real estate private equity firm led by Alfred Sayegh, Solomon Gadeh and Joey Sayegh, paid $156 per square foot for the 45,396-square-foot building at 11950 Northeast 2nd Avenue. The deal for the 57-unit Holly House rental building breaks down to about $124,560 per apartment.

Records show the seller, Barry University, paid $4.6 million for the three-story building in 2009 to serve its student population. The building was vacated in May 2017, after Barry University built new dormitories, according to the release. It was built in 1968.

It is unclear what the buyers plan for the property. Joey Sayegh did not immediately respond to a request for comment.

The average unit at the Holly House spans 796 square feet, according to the release. The property offers one- and two-bedroom apartments featuring full kitchens and private patios. Amenities at the gated community include a pool, a courtyard, a laundry room and 66 on-site parking spaces.

Cushman & Wakefield’s Calum Weaver and Perry Synanidis represented the seller. Weaver said in the release the building received 14 offers from investors, despite the building being vacant.

Last month a company controlled by Alfred Sayegh sold two rental buildings in northern Coral Gables for $8.6 million. Sayegh also invested in a multifamily community in Miami’s East Little Havana neighborhood for $13.6 million, last year. – Amanda Rabines