Sabal sells waterfront apartment building in Miami Beach’s Normandy Isle
Detroit-based private investors paid $13.5M for four-unit property, or nearly $3.4M per unit
Sabal Development sold a recently completed apartment building on Miami Beach’s waterfront to a pair of Detroit-based private investors.
An entity managed by Jason and Amanda D’Herin, a married couple who own a facility management company in Detroit, paid $13.5 million for the five-story boutique building at 1930 Bay Drive in Normandy Isle, according to records and Vizzda. The buyers obtained a $10 million loan from the selling entity, managed by Sabal’s CEO Pascal Nicolai.
Dora Puig with The Dora Puig Team at Luxe Living Realty represented the seller.
In 2015, the Sabal entity paid $1.9 million for the property, and completed the four-unit building in March, records show. Sitting on Biscayne Bay, the building’s units each span roughly 2,500 square feet, and each has three bedrooms and three and a half bathrooms, according to a press release. The price equates to nearly $3.4 million per unit.
The building also has a rooftop deck, a pool and a ground-level garage. The average asking rent is $22,000 a month, a Sabal spokesperson said.
Sabal typically focuses on developing luxury, custom-built homes. In November, the Miami-based firm paid $4.2 million for a teardown five-bedroom house at 5440 La Gorce Drive in Miami Beach. Sabal plans to redevelop the site, which faces the La Gorce Golf Course, into a 6,000-square-foot modern house with five bedrooms, five bathrooms and three parking garages.
Last year, Sabal sold a waterfront spec home in Miami Beach’s Hibiscus Island for $16 million.
Normandy Isle, an enclave in the North Beach section of Miami Beach, has attracted private and institutional investors. In April of last year, Magnum Holding Company, a U.S. subsidiary of Montreal-based family-owned real investment firm Trams Property Management, acquired the Pierre on the Bay apartment complex at 2050 Bay Drive and an adjacent lot at 2095 Bay Drive for $15.2 million.
About the same time, an entity affiliated with Gustaf Arnoldsson, CFO of Miami-based hospitality property investor SMS Lodging, paid $6.4 million for Normandy Villas at 946 and 950 Bay Drive.
In 2021, LeFrak paid $24.5 million for Marina Del Rey, a 108-unit waterfront apartment complex at 1006 and 1022 Bay Drive.