Dezer sells North Miami Beach properties to Ari Pearl and partners for $31M

Partnership plans apartment project on former Nova Southeastern campus

Miami /
May.May 02, 2022 12:30 PM
(L-R) Ari Pearl, Matt Press, and Gil Dezer with the property at 1750 Northeast 167th Street in North Miami Beach (Google Maps, LinkedIn, Dezer Development, PPG Development)

(L-R) Ari Pearl, Matt Press, and Gil Dezer with the property at 1750 Northeast 167th Street in North Miami Beach (Google Maps, LinkedIn, Dezer Development, PPG Development)

Dezer Development sold an assemblage in North Miami Beach for $31.1 million to a partnership led by Ari Pearl.

Dezer sold properties anchored by Nova Southeastern University’s former North Miami Beach campus at 1750 Northeast 167th Street to Pearl, Matt Press of EquiShares and Isaac Khabie of ARK Ventures, according to sources.

The buyers plan to build an apartment project on the 8.3-acre assemblage, as multifamily developers continue to bet on South Florida’s rising rents and demand for new apartments.

Gil Dezer, president of Dezer Development, confirmed the deal and said it was “a good opportunity to take a small profit.” The university sold the properties to Dezer in 2018 for $20 million. Nova University still occupies a portion of the site.

The buyers financed their purchase with a $24 million loan from Sheridan Capital, led by Aaron Kurlansky. The developers are working with Miami architect Kobi Karp to design an as-of-right multifamily development with amenities, a source said.

The properties currently include a four-story, 52,800-square-foot building, a three-story, 28,000 square-foot building, a five-story, 153,000 square-foot building, a three-story parking garage, two parking lots and a vacant lot.

Pearl said the project is “right up the block” from his first real estate development in North Miami Beach.

Pearl, who leads PPG Development, has been busy in northeast Miami-Dade/southeast Broward counties. He recently completed the first phase of his mixed-use golf course development in Hallandale Beach, and he and his partner Michael Herman of Premium Capital secured a $150 million refinancing for the high-end apartment building.

In October, Pearl and Jonathan Leifer sold more than half of the units at their converted Bay Harbor Islands condo-hotel for about $21.4 million, or roughly $389,000 per key. They acquired the waterfront property out of foreclosure for $30 million the previous year.

Sunny Isles-based Dezer plans to build a major mixed-use development on a 30-acre site in North Miami Beach. Last year the developer scored approval from the city for his plan for the Intracoastal Mall property on 163rd Street, which would bring luxury condo towers, a harbor and public promenade.

Last month, the North Miami Beach commission approved Carpe Real Estate Partners’ Venus apartment development, a 26-story, 440-unit project planned for the former AT&T parking lot at 2060 Northeast 164th Street. Construction is expected to begin this fall, a spokesperson told TRD.





    Related Articles

    arrow_forward_ios
    A rendering of the planned project with the Two Roads principals Reid Boren and Taylor Collins (Two Roads Dev)
    Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
    Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
    Moderno Development managing partner Doron Broman and a rendering of Rivr Lofts (Cube 3, Moderno Development)
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    MG Developer's Alirio Torrealba and rendering of Merrick Parc (MG Developer)
    MG plans $204M luxury apartment project near Coconut Grove
    MG plans $204M luxury apartment project near Coconut Grove
     Clearline Real Estate's Jenny Bernell with Block E at 1550 (Smith Aerials)
    Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
    Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
    Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
    184 Sunset Avenue in Palm Beach with Benchmark's Jordan Vogel and Aaron Feldman (Apartments, LinkedIn, Getty)
    Benchmark drops $17M for historic Palm Beach apartment building
    Benchmark drops $17M for historic Palm Beach apartment building
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...