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Javier Cervera Jr. buys apartment complex near Miami International Airport
Deal breaks down to $147K per apartment
The owner of Cervera Real Estate Ventures acquired two apartment buildings near Miami International Airport for $13.2 million, with plans to redevelop the site for a future development project.
Javier Cervera Jr. purchased the two-building, 90-unit complex known as Airport Villas at 4325 to 4335 Northwest South Tamiami Canal Drive for $147,000 per unit, according to a press release. MIA Airport Villas LLC, led by Jesper Arnoldsson of SMS Lodging, sold the 67,649-square-foot property.
The seller operated the apartments as short-term rentals, and Cervera plans to convert them back to traditional apartments after a renovation, according to the release. Cervera eventually plans to redevelop the site, a spokesperson said.
The purchase was part of a 1031 exchange.
The property, developed in 1972, last sold in 2015 for $8.1 million.
In March, Cervera sold Biscayne Plaza, a 21,000-square-foot retail space at 295 18th Street with a Chase bank as an anchor for $15.45 million.
Cervera Real Estate Ventures owns properties throughout Miami-Dade and Broward counties and focuses on acquiring retail strip centers, rental apartments and warehouses. The Miami-based company is also building two apartment buildings in the Allapattah neighborhood.