The Real Deal Miami

Freshwater Group buys apartment complex in Miami Beach

Multifamily buildings were built in 1940 and 1957
By Amanda Rabines | July 11, 2018 06:00PM

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.