Investor buys Sunny Isles apartments

Price was $445K per unit

TRD MIAMI /
Jan.January 21, 2020 01:30 PM
Bella Apartments at 225 179th Drive (Credit: Google Maps)

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

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.


Related Articles

arrow_forward_ios
Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Rendering of Soleste Twenty2 and Robert Suris

Estate Companies completes 338-unit West Miami project

A rendering of Society Las Olas (Credit: Facebook)

16K apartments to be delivered in South Florida this year: report

4200 Northwest 19th Street and Code Capital Managing Partner Jared Remington (Credit: Google Maps and LinkedIn)

Code Capital snags affordable housing complex in Lauderhill for $45M

Jules Trump and the Estates at Acqualina tower

Jules Trump launches sales of second Estates at Acqualina tower

Georgina Pineda and King David Condominium at 17555 Atlantic Boulevard (Credit: Realtor)

Property manager stole HOA money, then gambled it away: police

Brian Gordon and Gio Midtown

Magellan launches leasing of Midtown Miami apartment tower

arrow_forward_ios
Loading...