Former NFL star adds to North Miami multifamily portfolio
91-unit building sold for more than $110K per apartment
Former NFL star Elvis Dumervil paid $10 million for an apartment building in North Miami, adding to his multifamily portfolio, The Real Deal has learned.
Dumervil’s Prestige Estates bought the 91-unit Arlington Manor property at 12501 Northeast 13th Avenue, with plans to rename it Prestige Biscayne, said John Sasso of Charles Rutenberg Realty. Sasso and his partner Shuli Stock brokered the off-market deal that equated to $110,274 per unit.
Records show the seller is Palm NMB LLC, led by Valentina Georgescu of Hollywood.
The 113,927-square-foot building was built in 1969. It has a mix of seven studios, 14 units with one bedroom and one bath; 37 one-bedroom, one-and-a-half baths; three two-bedrooms with one-and-a-half baths and 30 two-bedrooms with two bathrooms.
Sasso said Dumervil plans to renovate the apartments. “This is one of the top five biggest properties in the area, on a main artery,” Sasso said.
Dumervil played for the Denver Broncos, Baltimore Ravens and San Francisco 49ers, and formed his property management and investment firm in 2016. By September, he had amassed a portfolio of more than 700 multifamily units, mostly in North Miami and North Miami Beach.
In the past year, Sasso said he and Stock have sold Prestige Estates five buildings in North Miami with a combined 264 units. Dumervil paid a total of $27.4 million, or an average price per unit of nearly $104,000.
Sasso said North Miami was an undervalued and overlooked area for many years, and Dumervil has helped change the face of the city.
Among the former defensive linebacker’s properties are Prestige Place, Prestige Boardwalk and Prestige Pointe, according to his company’s website.