Investors buy bayfront apartments in North Beach

Property includes a 70-unit all-studio apartment building and a vacant lot across the street

Miami /
Jul.July 24, 2019 01:30 PM
Douglas Elliman's Jose Melgar and an aerial view of the property

Douglas Elliman’s Jose Melgar and an aerial view of the property

An investment group led by Jonathan Politano bought a waterfront apartment assemblage in North Beach for $7.3 million, The Real Deal has learned.

The assemblage includes 2050, 2070 and 2095 Bay Drive in Miami Beach, and is composed of a 70-unit bayfront apartment building on two lots, and a vacant lot across the street. Pierre on the Bay LLC, led by Aaron Edelstein, sold the properties.

Jose Melgar of Douglas Elliman represented the seller, and said the properties have been in the Edelstein family since 1969. The buyer was represented by Moshe Averbuch of Pleasant Realty Corp.

Melgar said Politano’s group secured a $5 million loan from San Francisco-based Conventus LLC to finance the acquisition.

The sale to Politano’s Manapoli 18 LLC, linked to Gulf Group Holdings, equates to about $105,000 per unit.

The two-story, all-studio apartment building was built in 1951. The units are fully occupied and rent for under $1,000 a month, Melgar said.

Politano plans to upgrade the building and raise the rents, and eventually seek rezoning to redevelop the property, Melgar said. Current zoning allows for five stories.

North Beach is seeing increased interest from investors and developers, amid voters’ and the city of Miami Beach’s approval of upzoning in the North Beach Town Center District, though the building is not part of the district.

Among new developments planned in North Beach is Silvia Coltrane and her partners’ mixed-use hotel and condo project at 72nd Street and Collins Avenue.


Related Articles

arrow_forward_ios
The Florida State Board of architecture’s order to suspend William Friedman for six months
Architect who designed the collapsed Surfside condo was previously suspended after toppling of other structures
Architect who designed the collapsed Surfside condo was previously suspended after toppling of other structures
Apollo Global Management’s Josh Harris and Softbank CEO Marcelo Claure with the property (Getty)
SoftBank’s Marcelo Claure sells Miami Beach mansion to Apollo co-founder for $32M
SoftBank’s Marcelo Claure sells Miami Beach mansion to Apollo co-founder for $32M
The Allison Island spec home with James Curnin and Adam Wyden (LPG, Columbia Business School)
Hedge funder buys Allison Island spec home for $14M
Hedge funder buys Allison Island spec home for $14M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
The Beach Towing property in Sunset Harbour (Google Maps, Getty)
Beach Towing buys Sunset Harbour property for $7M
Beach Towing buys Sunset Harbour property for $7M
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
Rendering of the proposed Bulgari Hotel (Bulgari)
Setai Miami Beach owners and condo association sue city over Bulgari hotel height increase
Setai Miami Beach owners and condo association sue city over Bulgari hotel height increase
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG pays nearly $60M for Johnson & Wales North Miami campus
PMG pays nearly $60M for Johnson & Wales North Miami campus
arrow_forward_ios

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

Loading...