Aspen Capital buys apartment complex near North Beach town center

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

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
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
Celebration Pointe and Andrew Farkas (Garco)
Island Capital affiliate pays $64M for Margate apartments
Island Capital affiliate pays $64M for Margate apartments
International Inn at 2301 Normandy Isle, Miami Beach (Google Maps)
Miami Beach approves 8-story addition for International Inn
Miami Beach approves 8-story addition for International Inn
Renderings of Wave 70 and Wave 90
Dania Beach approves 760-unit apartment complex next to Dania Pointe
Dania Beach approves 760-unit apartment complex next to Dania Pointe
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Alphabet soup: AEW pays AHS $57M for Homestead apartments
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)
Cortland pays $92M for Hollywood apartment complex
Cortland pays $92M for Hollywood apartment complex
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
CA Ventures buys Boca Raton apartment complex for $80M
CA Ventures buys Boca Raton apartment complex for $80M
Silvia Coltrane and 7300 Collins Avenue (Corcoran, Google Maps, Manolos)
Silvia Coltrane sells Manolo building near Ocean Terrace project in North Beach
Silvia Coltrane sells Manolo building near Ocean Terrace project in North Beach
arrow_forward_ios

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

Loading...