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