The Real Deal Miami

Freshwater Group buys multifamily complex in North Miami Beach

Carmel Apartments sold for about $115,700 per unit
By Amanda Rabines | March 15, 2018 04:30PM

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.