LeFrak buys Normandy Isle apartments in Miami Beach for $25M
Waterfront property last traded in 1997 for $2M
LeFrak bought the Marina Del Rey apartments in Miami Beach’s Normandy Isle for $24.5 million.
The Finvarb family sold the 108-unit waterfront complex at 1006 and 1022 Bay Drive. The sale breaks down to 226,852 per unit.
Calum Weaver and Garrett Pordes of Cushman & Wakefield represented the seller in the deal.
Marina Del Rey, which varies in height from two- to four stories, was built in the 1950s on 1.4 acres.
A spokesperson for New York-based LeFrak said in a statement that the firm “has great plans for the place,” but did not provide specifics.
The Finvarb family – led by Richard, Robert and Ronny Finvarb – bought the property in 1997 for $2.1 million, according to a deed.
LeFrak, a family-owned real estate firm led by Richard LeFrak and his sons Jamie and Harrison, is co-developing the SoLé Mia project in North Miami with Turnberry Associates. The duo scored a $32 million construction loan for the development in March.
LeFrak was also a joint venture partner with Barry Sternlicht’s Starwood Capital Group in the redevelopment of the former Gansevoort Hotel into 1 Hotel & Homes in Miami Beach. They sold the 429-key hotel in 2019 to Host Hotels for $610 million, although the condos were not part of the deal.
Miami Beach has caught the eye of investors in recent months, as both multifamily and retail properties have traded in South Beach. In April, Sentinel Real Estate bought a 452-unit portfolio of apartments mostly in Miami Beach, although some are in Bay Harbor Islands, from affiliates of Boardwalk Properties for $96.6 million.
This month, Regal Acquisitions bought the retail portion at 2000 Collins Avenue, at the Boulan South Beach hotel, for $34 million.
Multifamily deals have abounded across the rest of South Florida, as well, in recent months, with Related Group selling a Royal Palm Beach multifamily complex to Pantzer Properties for $119.4 million in May.