Freshwater Group buys apartment complex in Miami Beach

Multifamily buildings were built in 1940 and 1957

TRD 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
Chad Carroll, Mariana Trentini, and Fabio Lopes, and Christopher Burch with 5050 North Bay Road

Heinz Brasil exec sells waterfront North Bay Road home to Christopher Burch

Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

Amir Zwickel and a Showfields store

Showfields to bring new retail concept to Lincoln Road

David Arditi of Aria Development Group and 321 Ocean

Condo association alleges construction defects at 321 Ocean: lawsuit

Julian Cohen and a rendering of the project

Felix and Julian Cohen propose waterfront spec mansion on North Bay Road

1452 Washington Avenue (Credit: Google Maps, iStock)

Spanish investor buys mixed-use building near Española Way

Joseph Menaged with his units at Faena House and One57 (Credit: Facebook, Redfin, StreetEasy)

Father of “Property Wars” star pleads guilty to bank fraud

arrow_forward_ios
Loading...