Miami Beach investors head north, buy Broward rental portfolio
54-unit assemblage in Fort Lauderdale and Oakland Park sold for $165K per unit
Miami Beach investors Jack Avid and Steven Oved paid $8.9 million for a 54-unit portfolio of apartments in east Broward County.
Madison Realty Investors sold the following properties:
— 15-unit Jasmine Court apartments at 816-822 Northeast 18th Avenue in Fort Lauderdale
— 14-unit BV Apartments at 2850 Northeast 30th Place in Fort Lauderdale
— 10-unit Victor Apartments at 3451 Northeast 11th Avenue in Oakland Park
— 8-unit Vic Park Apartments at 823-825 Northeast 18th Avenue
— 7-unit 11th Street Apartments at 2429 Northeast 11th Street in Fort Lauderdale
The portfolio was marketed by Joseph Thomas, Adam Duncan and Tyler Carbonelli of Marcus & Millichap. It sold for about $165,000 per unit.
Madison Realty Investors owns apartment buildings in Colorado and Florida, focusing on “undervalued” properties in the $2 million to $10 million range in core markets, according to its website. The firm has $60 million of assets under management totaling 1,000 units.
Companies managed by Avid and Oved – 816 Jasmine LLC, 2850 BV Apartments LLC, 3451 Victor LLC, 823 Vic Park LLC and 2429 Galleria 11 Street LLC – purchased the apartment buildings.
Avid and Oved recently sold the SoBe Hostel in Miami Beach for $10 million, after buying the property in 2015 for $8.23 million.
In 2016, the duo, who originally invested in hotels and apartment buildings in New York, paid $11.1 million for a seven-story apartment building fronting South Dixie Highway in Coconut Grove.