Thomas Neary buys Brownsville Opportunity Zone apartment complex

1.6-acre, 84-unit property sold for $90K per apartment

TRD MIAMI /
Jul.July 31, 2019 05:30 PM
Jacob Serure and St. George Apartments

Jacob Serure and St. George Apartments

An investment group led by Thomas Neary paid $7.56 million for an apartment complex in a Brownsville Opportunity Zone.

The group paid about $90,000 per unit for the 84-unit St. George Apartments at 5200 Northwest 26th Avenue, according to broker Jacob Serure. Serure’s SRE Commercial Group at Investment Brokers Realty brokered the deal.

Property records show the seller is J.A.G Fourth Avenue LLC and St. George Apartments LLC, led by George Maniatopoulos. The 1.6-acre property is a block away from the Brownsville Metrorail station. Brownsville is north of Allapattah and west of Little Haiti.

The building sits in an Opportunity Zone, which means the new owners can qualify for significant tax benefits if they substantially redevelop the property. The federal program allows investors and developers the ability to defer or potentially forgo paying capital gains taxes if they invest in a distressed area throughout the country for at least five years.

There are more than 8,700 designated zones throughout the U.S.

Serure said Neary and his partners have already started to renovate the building, which was built in 1958. Current rents for two-bedroom units average about $1,000 a month and a one-bedroom rents for about $800 a month.

Five buyers made offers on the property, which has 60 two-bedroom units, Serure said. It last sold in 2012 for about $2.9 million.

Neary also owns real estate in the Miami Design District and in Overtown, records show. In April, a company tied to Neary and Arthur Bartholomew of Fort Lauderdale-based Walnut Street Capital paid $14 million for six properties in Miami’s Overtown neighborhood.

“He’s active in up-and-coming neighborhoods,” Serure said.


Related Articles

arrow_forward_ios
Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Avra Jain and a rendering of 225 NE 34th Street

Avra Jain plans to benefit from Opportunity Zone for Midtown office building

A rendering of Falls at Gulfstream

High-rise hotel, apartments coming to Hallandale Beach Opportunity Zone

JP Morgan's announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida

Ben Carson

WATCH: Ben Carson dives into Opportunity Zones

Midtown Delray, Todd Rosenberg

Pebb Capital pays $40M for once-named Midtown Delray site

Daily Digest Miami

Feds say FIU, FDOT contractors at fault for deadly bridge collapse, Infinity Real Estate looks to sell part of Paramount Bay in Edgewater: Daily digest

From left: Ben Carson and Grant Cardone

Opportunity Zones, luxury residential pricing, the diversity dilemma and more at TRD Miami’s Showcase & Forum

arrow_forward_ios