Miami Beach investors head north, buy Broward rental portfolio

54-unit assemblage in Fort Lauderdale and Oakland Park sold for $165K per unit

Miami /
Jul.July 24, 2019 10:30 AM
From left: Joseph Thomas, Adam Duncan and Tyler Carbonelli

From left: Joseph Thomas, Adam Duncan and Tyler Carbonelli

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.


Related Articles

arrow_forward_ios
Celebration Pointe and Andrew Farkas (Garco)

Island Capital affiliate pays $64M for Margate apartments

Island Capital affiliate pays $64M for Margate apartments
Renderings of Wave 70 and Wave 90

Dania Beach approves 760-unit apartment complex next to Dania Pointe

Dania Beach approves 760-unit apartment complex next to Dania Pointe
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)

Holman sells former Fort Lauderdale BMW dealership for $6M

Holman sells former Fort Lauderdale BMW dealership for $6M
AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)

Alphabet soup: AEW pays AHS $57M for Homestead apartments

Alphabet soup: AEW pays AHS $57M for Homestead apartments
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)

Cortland pays $92M for Hollywood apartment complex

Cortland pays $92M for Hollywood apartment complex
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park

Oakland Park developer partners with former Link Real Estate exec on new firm

Oakland Park developer partners with former Link Real Estate exec on new firm
Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)

CA Ventures buys Boca Raton apartment complex for $80M

CA Ventures buys Boca Raton apartment complex for $80M
David Cassidy and 1600 South Ocean Drive in Fort Lauderdale (Getty)

David Cassidy’s former Fort Lauderdale home sells

David Cassidy’s former Fort Lauderdale home sells
arrow_forward_ios

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

Loading...