Aspen Capital buys apartment complex near North Beach town center

Bar Invest sold the recently renovated property for $175K per unit

TRD MIAMI /
Dec.December 06, 2018 10:35 AM

Rue Vendome Apartments and Cushman & Wakefield’s Calum Weaver and Perry Synanidis

A company tied to private equity firm Aspen Capital just bought a newly renovated apartment complex on Normandy Isle in Miami Beach for $5.25 million.

Hervé Barbera’s Bar Invest Group sold the 30-unit building at 6905–6921 Rue Vendome for about $175,000 per unit. Records show Barbera bought Rue Vendome in 2012 for $2.6 million.

The complex recently underwent a renovation that included updating its landscaping and adding hurricane-impact windows. Bar Invest also revamped the kitchens and bathrooms, as well as upgraded its air conditioning systems.

The complex sold fully leased, according to a press release. The average market rent for a unit at Rue Vendome is $1,293 a month. Apartments average about 630 square feet.

Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, and the buyer was represented by Jesse Spencer of Compass.

Rue Vendome is near the recently upzoned North Beach neighborhood in Miami Beach, where there are plans to create a town center district between Collins and Dickens avenues to Indian Creek Drive between 69th and 72nd Streets.

Bar Invest is owned by the Barbera family of France. Hervé Barbera’s father, Jacques Barbera, chairman of Bar Invest, launched the Miami company in 2001. The first project was co-developing Mary Brickell Village with Constructa, which the companies sold to Quebec-based Ivanhoe Cambridge for $135 million in 2005. – Amanda Rabines


Related Articles

arrow_forward_ios
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Lissette Calderon and a rendering of the site

Lissette Calderon buys land for third rental project in Allapattah

Lissette Calderon buys land for third rental project in Allapattah
South Florida rents are starting to fall (Credit: iStock)

South Florida rents starting to fall, especially in Coral Gables

South Florida rents starting to fall, especially in Coral Gables
Alex Rodriguez and Erin Knight with Laguna Place in Kissimmee (Credit: Michael Loccisano/Getty Images)

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus
Diego Colmenero, Charlie Porchetto and a rendering of the hotel

Urbanica scores approval for new hotel in North Beach

Urbanica scores approval for new hotel in North Beach
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
arrow_forward_ios

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

Loading...