Investor buys multifamily complex near Miami Shores for $15M

Deal breaks down to $142K per unit

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.

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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.