Overtown apartments, retail store sell for $14M

The neighborhood is seeing more interest from developers due to its Opportunity Zone designation

Miami /
Apr.April 15, 2019 01:30 PM

Arthur Bartholomew and The Manhattan II, at 560 Northwest 7 (Credit: Google Maps)

Six properties in Miami’s Overtown neighborhood just sold for $14 million, signaling growing interest in real estate in the area.

A company tied to Thomas Neary and Arthur Bartholomew of Fort Lauderdale-based Walnut Street Capital bought the properties spanning 2.2 acres, records show. All of the properties were owned by companies tied to either Larry and Leslie Gratz or Teresa Matias of Miami.

The deal includes:

— An 83-unit apartment building called the Manhattan II at 560 Northwest 7th Street sold for $5.6 million. The building sits on a 30,000-square-foot lot.

— A retail store at 701 Northwest 5th Avenue sold for $300,000. The property sits on a 5,000-square-foot lot.

— A 20-unit multifamily building at 451 Northwest 7th Street sold for $1.6 million. The development sits on a 15,000-square-foot lot.

— Two 10-unit multifamily buildings at 458 Northwest 7th Street and 448 Northwest 7th Street sold for $2.1 million. The combined lots total 15,000 square feet.

— A 54-unit apartment building at 400 Northwest 7th Street sold for $4.35 million. The building sits on a 30,000-square-foot lot.

More developers are buying properties in Overtown, a historically distressed area, due to its proximity to downtown Miami and its Opportunity Zone designation.

In January, BrickOne Group, led by Costantino Cicchelli, Frank Rodriguez Melo and Stefano Garofoli, paid about $5.4 million for three buildings with 66 apartment units at 149 Northwest 11th Street, 1232 Northwest First Place and 1201 Northwest Second Avenue in Overtown. The deal breaks down to about $81,250 per unit.

Last year, a company tied to the principals of Miami-based TSG Group proposed a new Cambria hotel in Overtown. The 12-story, 192-key hotel will be built at 1313, 1321, 1331 and 1335 Northwest Ninth Avenue and 851 Northwest 13th Street.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
A rendering of Wynwood Haus
Wynwood Haus apartment tower in an Opportunity Zone scores $38M construction loan
Wynwood Haus apartment tower in an Opportunity Zone scores $38M construction loan
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
249 Northwest 6th Street and Michael Swerdlow (Arquitectonica, Swerdlow Group)
Michael Swerdlow’s Block 55 in Overtown lands nearly $8M affordable housing grant
Michael Swerdlow’s Block 55 in Overtown lands nearly $8M affordable housing grant
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
arrow_forward_ios

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

Loading...