Jamestown sells Sunny Isles Beach apartment complex for $111M

Los Angeles-based commercial real estate investor bought the 308-unit Beach Place

Matt M. Bronfman, principal and CEO, Jamestown LP, in front of the apartment complex at 17101 North Bay Road in Sunny Isles Beach (Berkadia, Jamestown LP, iStock)
Matt M. Bronfman, principal and CEO, Jamestown LP, in front of the apartment complex at 17101 North Bay Road in Sunny Isles Beach (Berkadia, Jamestown LP, iStock)

In a $110.5 million deal, Jamestown sold a 308-unit landlocked apartment complex in Sunny Isles Beach.

An entity managed by Chaim Freeman, who heads Los Angeles-based commercial real estate firm Buff Management, paid $357,142 per apartment for Beach Place at 17101 North Bay Road, according to records.

That’s more than triple the $101,298 price per unit that Jamestown, led by principal and CEO Matt Bronfman, paid 13 years ago. The Atlanta-based commercial real estate investment and management firm bought the property for $31.2 million in 2009, according to records. Completed in 1972, Beach Place’s four, six-story buildings were renovated in 2012. The complex sits on 7 acres of non-waterfront land.

A Berkadia team led by Jaret Turkell and Roberto Pesant completed the sale on behalf of Jamestown. The buyer took out an $85 million loan with FS Credit Originator, in care of Rialto Capital Management, to finance the acquisition, records show.

According to Berkadia’s listing, Sunny Isles Beach has a lack of land available for new construction and apartments have not been built in the coastal town in more than 20 years. The complex has experienced a 27 percent increase in rent on new leases, and additional units can be developed on the property, the listing states.

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Currently 96 percent leased, Beach Place has 213 one-bedroom units and 95 two-bedroom units, according to a press release. Apartments feature stainless steel appliances, granite kitchen countertops, tile and hardwood flooring and walk-in closets. Amenities include a fitness center, pool and hot tub, bark park and dog wash, business center, and bike parking.

Monthly rents average $2,171 for a one-bedroom unit and $3,957 for a two-bedroom unit, according to Apartments.com.

Founded in 1983, Jamestown has $13.1 billion in real estate assets under management in the U.S., Latin America and Europe, according to the firm’s website. In South Florida, Jamestown’s portfolio includes five shopping centers totaling 593,000 square feet, the release states.

In 2017, Jamestown paid $34.2 million for a Publix-anchored shopping center near Miami Lakes and Hialeah. A year later, the firm bought another Publix-anchored retail plaza in Doral for $71.6 million.

The sale of Beach Place joins a handful of other $100 million-plus multifamily trades in recent weeks, including Nuveen Real Estate’s $125.6 million acquisition of a 350-unit apartment complex in Boynton Beach. Also last month, Germany’s Union Investment paid $227 million for a multifamily project in downtown Fort Lauderdale’s Flagler Village, and Brookfield Properties acquired a garden-style apartment community in Miramar for $187.7 million.

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