Miami-based Bar Invest Group just sold an apartment building in Miami’s Upper East Side to Israeli-born real estate investor Yoram Izhak.
Izhak, co-founder and CEO of IMC Equity Group, paid about $5.6 million, or $124,000 per unit, for the 45-unit building at 8000 Northeast Bayshore Court. He financed the deal with a nearly $4 million mortgage from Banco Popular, according to property records.
Cushman & Wakefield brokered the sale.
An affiliate of Bar Invest paid $3.3 million for the building in 2013, which means the company sold it for a 40 percent gain. The property was built in 1956, renovated in 2007 and includes a pool and parking. It can also be converted into short-term rentals or condos, according to Loopnet.
Bar Invest, led by Herve Barbera, paid $37 million for a larger apartment complex in Coconut Creek in July. The commercial real estate firm also owns multifamily properties in Little Havana and North Beach.
In November, Izhak, who was convicted of tax evasion in the early 2000’s, paid $24.8 million for a portion of Rockefeller Group’s and Kimco Realty’s mixed-use Miramar Town Center.