Property management and investment firm Global Horizons Group just paid $6.3 million for a portfolio of apartment complexes scattered throughout Miami-Dade County.
The 78-unit portfolio consists of the 18-unit Verona Apartments in Miami Shores, the 24-unit Monterrey Apartments in North Miami, and the 36-unit Pris Apartments near Opa-locka. The deal breaks down to about $81,000 per unit.
The seller, Miami investor Cristobal Gil, spent about $2.8 million assembling the portfolio, starting in 2002. The properties hit the market over the summer with MSP Group’s Deme Mekras and Elliot Shainberg. Mekras said the apartments sold nearly 100 percent occupied.
Global Horizons owns and operates rentals throughout South Florida, according to its website. It was founded in 2009 by Shai Yitzhaki and Guy Goldberg, when the business partners began amassing their portfolio by buying foreclosed properties from banks and partnering with foreign investors.
Last month, real estate investor Joshua Wagschal picked up a portfolio of mostly single-family rental homes for $7.8 million. He flipped them about a week later for $14 million, marking a 44 percent gain.