Javier Cervera Jr. buys apartment complex near Miami International Airport

Deal breaks down to $147K per apartment

Miami /
Jul.July 16, 2020 04:30 PM
Javier Cervera and Airport Villas 

Javier Cervera Jr. and Airport Villas

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.


Related Articles

arrow_forward_ios
Lissette Calderon with 2301 Northwest 33rd Avenue
Calderon pays $32M for dev site near Beckham soccer stadium
Calderon pays $32M for dev site near Beckham soccer stadium
Highgate's Mehdi Khimji and Mahmood Khimji with 7401 Northwest 36th Street and 3501 Le Jeune Road (Highgate, Wyndham Hotels)
Highgate sells two Miami-Dade La Quinta Inn hotels for $33M
Highgate sells two Miami-Dade La Quinta Inn hotels for $33M
Arno De Vos ( Arno De Vos, Getty)
Arno De Vos leaves Douglas Elliman for Cervera
Arno De Vos leaves Douglas Elliman for Cervera
A rendering of the Art 88 apartment complex at 8855 Fontainebleau Boulevard in Miami-Dade County with Trion Properties Managing Partners Max Sharkansky and Mitch Paskover (Trion Properties)
Trion enters Miami-Dade with $87M multifamily purchase
Trion enters Miami-Dade with $87M multifamily purchase
 Fontainebleau Park Plaza at 9191 West Flagler Street in Miami with MG3 Group’s founders and Principals Marcelo Saiegh, Gustavo Bogomolni, and Hernan Leonoff (Google Maps, MG3)
MG3 buys Walmart Supercenter, adjacent retail in Miami-Dade for $70M
MG3 buys Walmart Supercenter, adjacent retail in Miami-Dade for $70M
Tropical Park Plaza at 7971 Southwest 40th Street in Miami with Javier Cervera (Cervera Real Estate)
Javier Cervera Jr. buys Tropical Park Plaza near Westchester for $25M
Javier Cervera Jr. buys Tropical Park Plaza near Westchester for $25M
Palm Holdings Chairman Ashok Taneja and the Element Miami International Airport Hotel at 3525 NW 25th Street (LinkedIn, Marriot)
Peachtree sells Element hotel near MIA for $20M
Peachtree sells Element hotel near MIA for $20M
South Florida by the numbers: Brightline to restart & more
South Florida by the numbers: Brightline to restart & more
South Florida by the numbers: Brightline to restart & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...