Shiff Group sells apartment complex in Little River for $23M

A Delaware company bought the 239-unit complex, which is not in an Opportunity Zone

TRD MIAMI /
Apr.April 30, 2019 02:30 PM
Zvi Shiff and Silver Blue Lake Apartments (Credit: World Red Eye)

Zvi Shiff and Silver Blue Lake Apartments (Credit: World Red Eye)

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.


Related Articles

arrow_forward_ios
Arthur Porosoff, Stefano Garofoli, Costantino Cicchelli and Frank Rodriguez Melo with the Omni property

Investment group buys multifamily buildings in Little Havana, Omni

Joseph P. Thomas, Adam Duncan and Tyler Carbonelli with the Fort Lauderdale properties

California investors buy multifamily portfolio in Fort Lauderdale

Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Rendering of Soleste Twenty2 and Robert Suris

Estate Companies completes 338-unit West Miami project

A rendering of Society Las Olas (Credit: Facebook)

16K apartments to be delivered in South Florida this year: report

Brian Gordon and Gio Midtown

Magellan launches leasing of Midtown Miami apartment tower

arrow_forward_ios
Loading...