Coastline Management, Tower Capital buy Miami Gardens apartments for $33M
8-acre complex, built in 1972, last sold for $23M
UPDATED, Oct. 22, 9 a.m.: A joint venture between Coastline Management and Tower Capital Group paid $33.2 million for an apartment complex in Miami Gardens.
EB Real Estate Group, an investment firm in New York, sold the 234-unit Park Plaza Apartments for about $142,000 per unit, according to a press release. Berkadia’s Tal Frydman, Yoav Yuhjtman and Nicholas Perrone represented the buyer and seller.
Coastline and Tower Capital financed the deal with a $25.4 million loan from Freddie Mac and a $7.5 million preferred equity investment from JCR Capital. Robert Ginsberg and Mila Babenko of Eyzenberg & Company arranged the latter.
Property records show EB Park Plaza LP paid $22.7 million for the 8-acre complex in 2016. It is next to a new Topgolf facility.
The development was completed in 1972 and includes a fitness center, laundry facilities, a grill/picnic area, and business center. The buyer plans to renovate the remaining units and add a swimming pool over the next 18 months, according to Isadore Cohen of Tower Capital.
Rents range from about $1,200 a month to $1,650 a month, and Cohen plans to raise rents as they renovate the complex. It is currently 96.5 percent leased, he said.
Eyal Mehaber, president of Coastline Management, said in a statement that he hopes to capitalize on the shortage of more affordable apartments in eastern Miami-Dade County. “We believe that the natural progression will be for working families to push westward within the county,” he said.
Miami Gardens is also home to Hard Rock Stadium, where the Miami Dolphins play. The county recently approved plans for a $70 million training facility next to the stadium.