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Self-proclaimed “King of Miami Real Estate” sells Opa-locka apartments
Jalal Abuimweis flipped the three buildings with 62 units in a year
An influencer who calls himself the “King of Miami Real Estate” sold a chunk of his apartment portfolio in Opa-locka.
Jalal Abuimweis, who has more than 50,000 followers on Instagram and is owner of The King’s Estates, sold 62 apartments across three buildings in deals totaling $8.2 million, he said. Sunrise-based Elan Capital, led by Andres Duarte, paid about $132,000 per unit for the properties.
Abuimweis, who moved to the U.S. in 2010 from Jordan before becoming a real estate agent and eventually an investor, flips homes and multifamily properties.
He sold the 26-unit, three-story and the 12-unit, two-story apartment buildings at 2605 and 2561 Northwest 135th Street, respectively, for about $4.8 million, and the 24-unit building at 13240 Port Said Road for about $3.5 million.
The adjacent buildings on 135th Street were developed in 1971 and 1969 on an acre of land. An Abuimweis-led LLC bought them for $3.7 million last year, which means he flipped them for about 30 percent more. Navid Alikhani, an in-house agent for Abuimweis’ The King’s Estates, represented the seller.
The Port Said Road building sits on a 0.7-acre lot and was built in 1972. Abuimweis said he entered into a deal to buy the property last year for $2.5 million and flipped the contract to Elan Capital for about 40 percent more.
Two years ago, Miami-based Steelblock paid $8.2 million for the 72-unit low-income housing building at 133000 Alexandria Drive in Opa-locka. That deal broke down to about $121,000 per apartment.
That same year, Steelblock also paid $8.2 million for the 118-unit Opa-locka apartment complex at 14255 to 14460 Northwest 22nd Avenue, or about $70,000 per unit.
Abuimweis, who hosts the annual Miami Movers real estate conference, still owns about 30 units, including two buildings in Oakland Park. Early on in the pandemic, Abuimweis was sued for eviction by the Marquis Miami Condominium Association for allegedly failing to wear a mask in the common areas of the downtown Miami tower. The suit was dismissed a month later, court documents show.