AquaBlue sells Miami Beach apartment complex for $10M

30-unit, three-building complex recently underwent improvements

2021-2031 Meridian Avenue (Google Maps)
2021-2031 Meridian Avenue (Google Maps)

An apartment complex in Miami Beach sold for $10.4 million, slightly less than its asking price of $13.9 million when it hit the market more than a year ago.

Records show developer AquaBlue Group, led by Philippe Harari, sold the 30-unit property, called Greenview Courtyard, to an entity led by the Dasilva family. The deal equates to $346,667 a unit.

The three buildings span just over a half- acre at 2021, 2025 and 2031 Meridian Avenue. Two of the buildings were built in 1950 and renovated in 2007 with hardwood floors, stainless steel appliances and Italian quartz countertops, according to the listing. The third building was completed in 2008, according to records.

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AquaBlue put the complex on the market in December 2019. It paid $2 million for the apartments in 2002, records show.

The buyer is led by directors Alvaro Dasilva, Salustiano Dasilva and Elidia H. Dasilva, according to state corporate records. The Dasilvas are associated with real estate agency AGS Properties Corp. in Miami-Dade County.

South Florida is seeing a comeback in multifamily investment sales after a hiatus during the early months of the coronavirus pandemic. Deals dropped 50 percent during the first half of last year compared with the first half of 2019, according to a Cushman & Wakefield report.

Deals have started to trickle in this year, including some sizable ones. Morgan Properties this month closed on four multifamily properties in and near Boca Raton for $126 million. The purchase was part of a $1.8 billion national apartment acquisition in which Morgan Properties along with Olayan America bought 48 complexes from a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust. In Palm Beach County, Morgan bought Camino Real Apartments, Savannah Place, Tuscany Pointe at Boca Apartments Homes and Somerset Place Apartments & Townhomes.