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Affordable housing investor picks up apartment complex in North Miami
$13M deal breaks down to about $110,000 per unit
Affordable Housing Development Services just picked up an apartment community in North Miami for $13 million.
The complex at 14560 Northeast Sixth Avenue consists of 82 apartments and a 15,000-square-foot commercial building leased to a child care facility and pre-school. The deal breaks down to about $110,000 per unit.
Ocean King Apartments LLC is the seller. The company is led by Allen Chelminsky, whose family owns a portfolio of apartment buildings throughout Miami. Chelminsky bought the complex in 2003 for $4.5 million, records show.
Some of the Chelminsky family’s holding companies faced foreclosures in 2009 over delinquent loans.
John DeMarco, broker with Re/Max 5 Star Realty, represented both sides of the deal. He said he began marketing the property in December for $12.9 million.
The community was built in 1970 and features a mix of one- and two-bedroom apartments. Rents at the complex range from $900 to $1,100 per month, DeMarco said, but added that nearby apartments are asking as much as $1,600 a month.
“Rents are increasing drastically in the area,” DeMarco said.
NFL linebacker turned investor Elvis Dumervil has been busy buying and renovating a number of multifamily properties in the area. In April, Dumervil’s property management and development firm, Prestige Estates, paid $9.5 million for a 94-unit apartment complex in North Miami Beach.