UPDATED April 30, 4:50 p.m.: A company tied to Shiff Group Holdings sold a 239-unit apartment complex in Miami’s Little River neighborhood for $23.3 million as developers increasingly buy up properties in the area.
Zvi Shiff, of Shiff Group Holdings, sold the 239-unit development at 1401 Northwest 103rd Street for about $97,489 per unit, records show. The buyer is a Delaware company, Newcastle Lake LLC.
The Silver Blue Lake Apartments are right off I-95 near Miami Shores City Hall. The property is not located in a federally designated Opportunity Zone like some other properties in Little River.
The apartment complex has one- to three-bedroom units with rents ranging from $1,125 to $1,500, according to Apartments.com.
The sale was brokered by Randy North and Sofia Sagastegui of Capital Commercial Real Estate Group.
The property last sold for $4.8 million in 2002. It totals 215,186 square feet, records show.
Last May, Zvi Shiff’s firm and Macken Companies sold a Walmart-anchored shopping center in Miami Gardens for $11.58 million.
Little River has seen a great deal of interest from developers in the past few years, increasingly because some of the properties are in designated Opportunity Zones.
In March, the ArtCenter/South Florida bought two parcels at 75 and 77 Northwest 72nd Street in an Opportunity Zone for about $6 million to build its new home, a 50,000-square-foot facility that’s projected to open in 2022.
In 2017, Stambul, Miami Real Exposure and P & K Developments bought two parcels at 235 and 237 Northeast 79th Street in a now-designated Opportunity Zone with plans to develop Eden, a 42,000-square-foot, mixed-use development.
Correction: A previous version of this story misspelled Zvi Shiff’s first name.