Greenstone Property Group paid $41 million for a multifamily complex in North Beach, completing its $119 million purchase of an apartment portfolio in South Florida, The Real Deal has learned.
The New York-based investment firm acquired Ocean House NoBe, a 186-unit property at 7745 to 7790 Tatum Waterway, from Ytech. Ytech put Ocean House up for sale a year ago, asking $50 million with a Cushman & Wakefield team led by Calum Weaver and Robert Given.
Ytech, a Miami development firm led by CEO Yamal Yidios, sold the first property to Greenstone in December for $78 million. The 491-unit complex is at 2601 Northwest 207th Street in Miami Gardens.
Ytech’s attorney Stuart Kapp was involved in both deals.
In North Beach, Ytech assembled and renovated 23 buildings on three blocks along Tatum Waterway over four years. The 186 units are occupied by about 1,000 residents, according to a release.
The garden-style North Beach community includes buildings completed between 1948 and 1961 with about 1,000 feet of waterfront. Records show a Ytech affiliate paid $27.1 million for the property in 2015.
Greenstone’s plans for the property are unclear. The firm could redevelop part of the site, convert the units to condos, or use some as short-term rentals, as well as build a marina for up to 57 boat slips, according to information from the listing.
Last year, an appeals panel overturned Miami Beach’s historic designation of Tatum Waterway. Ytech had challenged the city’s two-year-old ordinance, claiming Miami Beach officials failed to properly give notice to affected property owners and ignored data showing the historic designation of Tatum Waterway could hinder efforts to protect buildings and parcels from sea-level rise.