Beraja family picks up Little Havana apartments

30-unit building sold for $237K per apartment

Miami /
Sep.September 16, 2019 09:45 AM
Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy

Bar Invest Group sold an apartment building it built in Little Havana for $7.1 million to Beraja Investments.

Bar Invest paid $900,000 for the development site in 2004 and completed the 30-unit building at 401 Southwest 17th Avenue in 2015. Now, it sold the property to Beraja for nearly $237,000 per unit, according to Alfonso Jaramillo of Fortune International Realty. Jaramillo represented Bar Invest, while Andros Sarduy and Giovanni Vazquez, also of Fortune, represented the buyer.

Giovanni Vazquez

Giovanni Vazquez

The 46,749-square-foot building sits on a 9,900-square-foot corner lot about four blocks away from Little Havana’s main street, Calle Ocho. Twenty-five of the 30 units are two-bedrooms, Jaramillo said.

Beraja Investments, led by Matilde, Roberto, Victor and Esther Beraja, owns and operates about 35 rental properties in the Miami area, including in Coral Gables, Little Havana and Coconut Grove, according to its website. The Beraja family also owns the Beraja Medical Institute, based in Coral Gables.

Little Havana’s multifamily market is seeing increased investment. Earlier this year, Key International sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street for $10.1 million, or about $128,000 per unit. In April, a group of investors acquired a 103-unit apartment portfolio in the neighborhood, with plans to upgrade the properties and flip them.

Bar Invest Group has moved onto bigger properties. In May, it paid $59 million for a 405-unit apartment complex in Lauderhill. The Miami-based company, led by CEO Jacques Barbera, has invested in over 1,000 residential units and over 600,000 square feet of retail properties, according to its website.


Related Articles

arrow_forward_ios
Aimco's Wes Powell with Edgewater (Aimco) Miami, High Rise
Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
From left: David Huke, Alex Karakhanian, and Abraham Hidary with 1601 North Miami Avenue (LoopNet, Hidrock Properties, LNDMRK Development)
Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
Moderno Development managing partner Doron Broman and a rendering of Rivr Lofts (Cube 3, Moderno Development)
Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
 Clearline Real Estate's Jenny Bernell with Block E at 1550 (Smith Aerials)
Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
arrow_forward_ios

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

Loading...