For the second time in two weeks, a boutique apartment complex in a Miami residential neighborhood sold for more than $6 million.
An affiliate of Lurra Capital, a Zurich, Switzerland-based private investment firm headed by founder and CEO Tyron Birkmeir, paid $6.4 million for The Shenandoah, a two-building multifamily property at 2162 Southwest 14th Terrace, according to records.
Lurra Capital paid roughly $266,666 per apartment for the 24-unit complex in Miami’s Shenandoah neighborhood.
The seller is an entity tied to AB Asset Management, a Miami Beach-based multifamily investment firm led by Getzy Fellig and Sam Zalmanov. Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, according to a press release.
Late last month, Michigan immigration attorney Rami Fakhoury, through an affiliate, paid $6.9 million for the new, 18-unit Silver Cove apartments at 2010 Southwest 25th Terrace in Miami’s Silver Bluff neighborhood, which is five minutes away from Shenandoah. Out-of-town investors are hungry for multifamily assets in South Florida, where demand for rented living space skyrocketed during the pandemic.
After buying The Shenandoah in 2017 for $1.9 million, AB Asset Management poured another $2.4 million into fully renovating the 1925 buildings last year, according to Cushman & Wakefield’s listing. The company gutted all the units and installed hurricane impact windows, new electrical, new plumbing, new flooring, new granite countertops, new kitchen cabinets and other high-end finishes. AB also put in security cameras, secured building access, repainted the exteriors and resealed and striped the parking area, according to the listing.
The buildings offer two-bedroom, one-bathroom units that are 100 percent occupied, with the property’s current gross income at $460,980, Cushman said. According to the listing, monthly rents for two-bedroom apartments average $2,516.
Last month, out-of-state institutional investors made several big multifamily purchases. Rockville, Maryland-based Lerner Enterprises, the billionaire family that owns the Washington Nationals, acquired an apartment tower near Dadeland Mall for $114 million.
AvalonBay Communities, an Arlington, Virginia-based publicly traded real estate investment trust, paid $150 million for the Curv apartment building in Fort Lauderdale. The property also includes a Whole Foods.
And King of Prussia, Pennsylvania-based Morgan Properties shelled out $132.5 million for a 622-unit multifamily complex in West Palm Beach.