UPDATED, Jan. 21, 4:15 p.m.: An investor bought an apartment building on the non-oceanfront side of Sunny Isles Beach for $7.56 million.
Bella Apartments LLC, managed by Riad Belarbi of Miami, sold the apartments at 225 179th Drive to Arcadia Real Estate FL LLC. The 17-unit building sold for $444,705 per unit, records show.
The 41,105-square-foot building sits on a 15,000-square-foot lot. The property last sold for $5.7 million in 2013. It was built in 2007, records show.
Keystone Real Estate Income Trust provided a $5.2 million loan to the buyer.
Sunny Isles Beach is home to some of the tallest luxury condo towers in Miami-Dade County, including the 60-story Porsche Design Tower. It is commonly referred to as Little Moscow due to the high concentration of Russians that reside or own property in the city.
Bella Apartments sits on western side of Sunny Isles, off of Atlantic Boulevard, which primarily consists of low-rise or mid-rise buildings. In September, the city approved a one-year moratorium on real estate development on the area west of Collins Avenue from 163rd Street north to 172nd Street.