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.

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