AquaBlue Group owner lists South Beach apartments for $14M

30-unit complex listed for $463K per apartment

Dec.December 05, 2019 03:30 PM
2021-2035 Meridian Avenue, Rani Hussami and Colin Rockson

2021-2035 Meridian Avenue, Rani Hussami and Colin Rockson

A company tied to AquaBlue Group owner Philippe Harari is looking to sell a South Beach apartment complex for $13.9 million.

Greenview Courtyard, at 2021-2035 Meridian Avenue, across from the Miami Beach Golf Club, includes three buildings with a total of 30 units. The price breaks down to about $463,000 per apartment.

Harari’s Greenview Courtyard Inc. paid $2 million for the property in 2002, records show. Harari owns AquaBlue, a Miami Beach-based luxury homebuilder.

Marcus & Millichap’s Rani Hussami and Colin Rockson of the Hussami Rockson Group have the listing.

The apartment complex includes 20 one-bedroom, one-bathroom units; and 10 two-bedroom, two-bathroom units. The average size is 853 square feet.

One building was built in 2008 and the other two were built in 1950. They were renovated in 2007, with hardwood floors, recessed lighting, impact windows, kitchens with stainless steel appliances and Italian quartz countertops, according to the brokers.

The multifamily market has remained strong in South Florida amid demand for properties from domestic and offshore buyers, commercial brokers say. Investors from New York and California, in particular, are looking to park their money in South Florida, driven in part by tax benefits and the new rent control legislation in both states.

In South Beach, Miami developer Amanda De Seta paid $5.4 million or $491,000 per unit in June for an 11-unit apartment building with flexible zoning. In July, an investment group led by Jonathan Politano bought a 70-unit waterfront apartment assemblage in North Beach for $7.3 million.

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