Miami investor buys Opa-locka apartments for $8M

South American investors purchased the property for $700K per unit

Jan.January 08, 2020 03:30 PM
From left: Hernando Perez, Joe Rubin and Oscar Banegas, with 14255 – 14460 NW 22nd Avenue

From left: Hernando Perez, Joe Rubin and Oscar Banegas, with 14255 – 14460 NW 22nd Avenue

An apartment community in Opa-locka sold for $8.2 million, amid growing interest from investors in the financially troubled city.

Ingram Park Apartments LLC sold the 118-unit complex at 14255 to 14460 Northwest 22nd Avenue for $70,000 per unit, records show. SteelBlock, LLC, which is managed by Ignacio Murman, a former executive with Miami-based Black Salmon Capital, bought the property.

Steel Block is a local investment group serving as a conduit for South American private capital, according to a press release.

Franklin Street’s Hernando Perez, Joe Rubin and Oscar Banegas represented the seller. First Bank Florida provided a $5.85 million loan to SteelBlock to acquire the property.

The property last sold for $3.05 million in 2017, records show.

Ingram Park was built in 1952 and has a mix of one- and two-bedroom units. The complex is just two miles east of the Miami-Opa Locka Executive Airport and the newly completed Carrie Meeks Business Park, home an Amazon distribution center.

Opa-locka is facing serious financial challenges. A report last June from the state auditor found 99 issues of fraud and mismanagement in the city of Opa-locka. Some state regulators want the city’s residents to vote on dissolution.

In the past year, real estate investors, however, have been betting on Opa-locka’s industrial market.

In November, Panattoni Development Company paid $24.3 million for the 20-acre site of a dairy farm and plans to build a speculative warehouse project.

In October, a joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park next to the Opa-locka airport for $126 million, in one of the biggest industrial deals of the year.

Related Articles

Brian Gordon and Gio Midtown

Magellan launches leasing of Midtown Miami apartment tower

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Bella Apartments at 225 179th Drive (Credit: Google Maps)

Investor buys Sunny Isles apartments

John Sasso and 1020 Northeast 7th Avenue (Credit: Google Maps)

Fort Lauderdale apartment portfolio sells for $10M

Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

David Edelstein and a rendering of the Wynwood site

David Edelstein sells Wynwood site to AMLI for $35M

Brightline president Patrick Goddard and Park-Line Miami (Credit: iStock)

Brightline launches leasing of apartment towers at MiamiCentral

Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar sells The Mile apartments for $40M