Freshwater Group buys multifamily complex in North Miami Beach

Carmel Apartments sold for about $115,700 per unit

TRD MIAMI /
Mar.March 15, 2018 04:30 PM

Carmel Apartments and Freshwater Group’s Freddy Sayegh (Credit: Freshwater Group)

New York investment firm Freshwater Group is set to close Thursday on a $5.9 million purchase of 51-unit apartment complex in North Miami Beach, The Real Deal has learned.

The deal for the Carmel Apartments at 16700 and 16701 Northeast 21st Avenue breaks down to about $115,700 per unit. Records show the current owner, Dynamic GM LLC, paid $4.7 million for the property, or about $92,160 per apartment, in 2015.

One Sotheby’s International Realty’s Zalmy Shapiro represents both the buyer and the seller.

Built in 1966, Carmel Apartments consists of two three-story buildings with a unit mix of 34 one-bedroom apartments and 17 two-bedroom units. Monthly rents range from about $990 to $1,100 for a two-bedroom apartment.

The property is near Aventura, just west of Biscayne Boulevard and north of Northeast 163rd Street. The property is 100 percent occupied, Freshwater Group’s Joseph Sayegh said. The firm plans to upgrade the exterior of the building.

Freshwater Group is a real estate private equity firm led by Alfred Sayegh, Solomon Gadeh and Joseph Sayegh. The company started investing in New York real estate in 1994 and later expanded to Orlando, Tampa and Miami.

In November, the firm paid $7.1 million for a 57-unit, nearby vacant apartment community in North Miami. That building is now 100 percent occupied, Joseph Sayegh said.


Related Articles

arrow_forward_ios
21440 Biscayne Boulevard and listing broker Jonathan Molano

Opportunity Zone site in Aventura hits market, could trade for $100M, broker says

Rendering of the project, Davide Bizzi and Jeff Bercow

North Miami Beach approves Bizzi & Partners’ mixed-use tower

Alex Zylberglait of Marcus & Millichap and 2020 Northeast 163rd street

Argentine investor nabs North Miami Beach Opportunity Zone property

Elliot Eisenberg and his Aventura condo

Telling move: Housing expert relocating to South Florida for tax savings

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

A rendering of Via Ventura and Stuart Miller (Credit: Lennar)

Lennar sells off part of its Via Ventura community

Daily Digest Miami

Forever 21’s Lincoln Road store among planned closures, downtown Miami office building hits the market: Daily digest

Rendering of Esplanade at Aventura and Industrious CEO Jamie Hodari (Credit: Seritage and Industrious)

Industrious signs deal for 30K sf next to Aventura Mall

arrow_forward_ios
Loading...