Investor buys multifamily complex near Miami Shores for $15M

Deal breaks down to $142K per unit

Miami /
Jun.June 15, 2021 11:30 AM
Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)

Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)

Investor Leon Ojalvo bought the lakefront Blue Lake Village Apartments near Miami Shores for $15 million.

Ojalvo, of Miami-based investment firm Liberty Base Investments, bought the 106-unit community at 1205 Northwest 103 Lane from an entity tied to investor Fidel Yero, according to the seller’s broker. The deal breaks down to $141,509 per unit.

Jacob Serure of SRE Commercial Group represented the seller, and Tomas Sulichin of RelatedISG Commercial represented the buyer.

Ojalvo scored an $11.8 million acquisition loan. Broker FM Capital declined to disclose the lender.

The 90,000-square-foot property was built in 1991 on 6.4 acres, property records show. The community fronts Silver Blue Lake. The property is fully leased except for three units, Serure said.

The selling entity, led by Yero, bought the complex in 2003 for $3.7 million, records show.

This is not the first multifamily deal for Yero near Miami Shores. In 2016, a group he managed sold a pair of apartment buildings at 8951 Northeast Eighth Avenue and 800 Northeast 90th Street for $11.4 million.

South Florida multifamily deals have been flowing in recent months. Near Blue Lake Village, Lynd bought an apartment complex at 17600 Northwest Fifth Avenue in Miami Gardens in June for $40.8 million.






    Related Articles

    arrow_forward_ios
    12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
    Johnson & Wales sells more North Miami properties for $21M
    Johnson & Wales sells more North Miami properties for $21M
    The Buena Vista Gardens in Little Haiti (Apartments.com)
    Bowery Properties buys Little Haiti apartment portfolio for $12M
    Bowery Properties buys Little Haiti apartment portfolio for $12M
    The highest sale last week was a $17 million penthouse at Porche Design Tower (Porche)
    Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
    Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
    The Florida State Board of architecture’s order to suspend William Friedman for six months
    Architect who designed the collapsed Surfside condo was previously suspended after toppling of other structures
    Architect who designed the collapsed Surfside condo was previously suspended after toppling of other structures
    Inventory for single-family homes and condos fell, indicating a seller’s market (Getty)
    South Florida residential sales soar to $8B in June, led by luxury buys
    South Florida residential sales soar to $8B in June, led by luxury buys
    Black Lion CEO Robert Rivani with SLS Lux Brickell (LinkedIn via Rivani, Facebook via SLS Lux Brickell)
    Black Lion buys SLS Lux Brickell retail condo for $14M
    Black Lion buys SLS Lux Brickell retail condo for $14M
    Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
    Walton Street Capital buys Boynton Beach apartments for $93M
    Walton Street Capital buys Boynton Beach apartments for $93M
    (Jade Signature)
    Flip at Jade Signature leads weekly condo sales in Miami-Dade
    Flip at Jade Signature leads weekly condo sales in Miami-Dade
    arrow_forward_ios

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

    Loading...