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South Florida

Swiss firm makes $6M bet on renovated Miami apartment complex

Two buildings with 24 units are in city’s Shenandoah neighborhood

AB Asset Management's Sam Zalmanov and Getzy Fellig with 2162 Southwest 14th Terrace (Google Maps)
AB Asset Management's Sam Zalmanov and Getzy Fellig with 2162 Southwest 14th Terrace (Google Maps)

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.

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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.