Thomas Neary buys Brownsville Opportunity Zone apartment complex

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

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

1550 Northeast Miami Place with Jordan Gimelstein (Credit: DWNTWNRealtyAdvisors,LLC)

Development site in Miami’s A&E District asks $21M

21440 Biscayne Boulevard and listing broker Jonathan Molano

Opportunity Zone site in Aventura hits market, could trade for $100M, broker says

Alex Zylberglait of Marcus & Millichap and 2020 Northeast 163rd street

Argentine investor nabs North Miami Beach Opportunity Zone property

Carlos Rodriguez Sr., Carlos Rodriguez Jr. and a rendering of Home 2/Tru by Hilton

Driftwood, Merrimac close first Opportunity Zone deal in Flagler Village

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