The Real Deal Miami

Apartment investors buy former defunct condo development in Cutler Bay

Three-building complex sold for $99k per unit
By Keith Larsen | July 03, 2018 01:30PM

Southwood Apartments, MSP Group’s Deme Mekras and Elliot Shainberg

A group led by Bankers Healthcare Group CEO Robert Castro paid $14.2 million for a converted apartment complex in Cutler Bay.

Southwood Apartments, a 144-unit complex at 19800 Southwest 110th Court, was operating as a condo project until about a year ago, according to a press release.

CMG Capital affiliate BMC Southwood LLC sold the property to Courtyards at Cutler Bay LLC for about $99,000 per unit. The buyer is tied to Tamarac-based Ortsac Management and led by Castro and Sophie C. Castro, records show.

The complex consists of three three-story buildings with studios, one- and two-bedroom units. It was built in 1979.

MSP Group’s Deme Mekras and Elliot Shainberg represented the buyer and seller in the transaction. Mekras and Shainberg brokered the previous deal to BMS Southwood in 2014, when the company acquired about half of the project, according to a press release. Then group bought out the remaining units until it could legally convert the project from a condo development to multifamily.

Davie-based Bankers Healthcare Group is a financial services company that serves medical professionals. The company provides loans to doctors, pharmacists and other medical professionals throughout the nation, according to its website.

Last year, Castro, through ten companies, bought a 371-unit apartment complex in Tamarac for $54 million.