The Real Deal Miami

Freshwater under contract to buy Little Havana condos and apartments

Two deals will give Freshwater Group control of 67 units in Little Havana
By Amanda Rabines | December 11, 2018 03:00PM

Oleander House and Freshwater Group’s Freddy Sayegh

Freshwater Group is under contract to pay $12.1 million for the Oleander Park apartment building and units at the Oleander House condominium in Little Havana, Freshwater partner Joseph Sayegh confirmed.

The Brooklyn-based real estate investment firm would pay roughly $7.6 million for condo units at the Oleander House at 406 Northwest 22nd Avenue, giving Freshwater control of 42 out of the 52 units. The building features one- and two-bedroom condos that average 860 square feet.

Records show it was built in 2007 by a company tied to developer Marcelo Herskovitz. According to Sayegh, the units were previously rented out.

The 25-unit Oleander Park apartment building at 1970 Northwest Seventh Street is under contract to trade for $4.5 million. The six-story building was built in 2009 by La Vereditta VII LLC, which is also led by Herskovitz.

Aztec Group’s Peter Mekras is representing both sides of the deal. He declined to comment.

Freshwater is led by Alfred Sayegh and Solomon Gadeh as well as Joseph Sayegh. In the past year, the company has acquired 500 multifamily units in Miami-Dade County, Joseph Sayegh said, including properties in North Miami Beach and Hialeah.

Over the summer, Freshwater bought a portfolio of adjacent multifamily buildings in Miami Beach for $5.6 million.