Freshwater Group buys apartment complex in Miami Beach

Multifamily buildings were built in 1940 and 1957

Miami /
Jul.July 11, 2018 06:00 PM

7720 Abbott Avenue and Freshwater Group’s Freddy Sayegh (Credit: Freshwater Group)

UPDATED July 11, 7 p.m.: The Freshwater Group is adding a batch of Miami Beach apartment buildings to its South Florida portfolio.

Freshwater Group partner Joseph Sayegh said the firm is under contract to buy a rental complex consisting of three adjacent, two-story buildings at 7710, 7720 and 7700 Abbott Avenue for $5.6 million.

The rental project features 36 units and is currently owned by City M Abbot LLC, a company managed by Blas Zaccaro, records show. The company spent about $3.3 million acquiring the buildings in 2010 and 2011.

Two of the multifamily buildings were built in 1940 and the other was built in 1957. The buildings are made up of 24 one-bedroom apartments and 12 studio apartments with rents ranging from $950 per month to $1,050 per month. It is 100 percent occupied.

Previous ownership had renovated the buildings by replacing its windows, updating its rooms and improving its exterior facade, Sayegh said.

Tim Schneider from Brown Harris Stevens has the listing. One Sotheby’s International Realty’s Zalmy Shapiro is representing Freshwater Group.

This will be the seventh property the company has bought since launching about a year ago. The Miami Beach purchase would bring its portfolio to 400 multifamily units.

The real estate private equity firm, based in Brooklyn, is led by Alfred Sayegh and Solomon Gadeh as well as Joseph Sayegh. The principals also manage some properties purchased by the private equity investment firm Burke Leighton, where they previously worked.

Freshwater Group has also been active in North Miami Beach and Hialeah.


Related Articles

arrow_forward_ios
Eighty Seven Park next to the collapsed Champlain Towers South (Getty)
Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
Ronny Finvarb with the proposed hotel (GEK Architecture)
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
DataDirect Networks President Paul Bloch, Oceanfirst Realty principal Eddy Chabli and renderings of the house Bloch plans to build (DDN, Kobi Karp Architecture)
Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
800 Lincoln Road building and Restaurateur Gregory Galy (Tricap, LinkedIn)
Mila restaurant to add entertainment venue on Lincoln Road
Mila restaurant to add entertainment venue on Lincoln Road
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Grupo Marquise’s Jose Carlos Pontes with the property (Compass, Facebook via Grupo Marquise)
Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Corey Dickerson, Mike Piazza and Derek Jeter with the Miami baseball stadium (Getty)
South Florida by the numbers: Play ball
South Florida by the numbers: Play ball
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...