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
By Keith Larsen | April 30, 2019 02:30PM

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.