Former WeWork executive for real estate Arash Gohari and his partners bought a 76-unit multifamily portfolio in Bay Harbor Islands for $21.5 million.
Investment firm 27 Capital, founded and led by Gohari, and Adam and Josh Sasouness, bought five two-story buildings at 9200, 9270, 10190 and 10150 East Bay Harbor Drive, as well as at 1075 101st Street from Sentinel Real Estate, according to real estate database Vizzda and Gohari.
The Sasounesses, who are co-CEOs of New York-based lender Dwight Capital, purchased the portfolio as a personal investment, separate from Dwight Capital.
The deal was completed through 27 South Florida Multifamily Opportunity Fund I, a multifamily value-add investment fund that has a goal of raising $30 million, said Gohari, fund manager. Investors and partners in the fund include Dwight Capital and Stephen and Sydne Garchik.
The purchase breaks down to $282,895 per unit.
Ellington Management Group provided a $16.8 million loan for the purchase, according to Vizzda.
The adjacent buildings at 9200 and 9270 East Bay Harbor Drive, completed in the 1950s, consist of 42 units, combined, Vizzda shows. Farther north, the three adjacent buildings at 10190 and 10150 East Bay Harbor Drive, as well as at 1075 101st Street, were completed in the 1940s and 1950s and consist of 34 units, combined.
The portfolio is fully leased, Gohari said.
Sentinel, a multifamily investment firm based in New York, bought the properties in 2021 for $15.6 million, combined, according to records. The purchase was part of Sentinel’s bigger, 452-unit portfolio purchase for $96.6 million. All of the other buildings are in Miami Beach.
Sentinel is led by Michael Streicker.
27 Capital, which Gohari started in New York, is a North Miami-based firm that focuses on value-add real estate investments and development. The Bay Harbor Islands portfolio marks its sixth South Florida purchase over the past year, said Gohari, who also moved from New York to South Florida about three years ago.
The firm bought the two-story, 14-unit apartment building at 7717 Byron Avenue in Miami Beach and the adjacent one-story, six-unit building at 7725 Byron Avenue for $3.6 million last year, records show.
Bay Harbor Islands has caught luxury condo developers’ eyes. Ian Bruce Eichner is developing the 57-unit La Baia North condo at 9481 East Bay Harbor Drive, as well as the 68-unit La Baia South at 9201 East Bay Harbor Drive.
Jonathan Landau, through his Landau Properties, plans the eight-story, nine-unit Indian Creek Residences & Yacht Club boutique condo at 9110 West Bay Harbor Drive.
Gohari plans to keep the Bay Harbor Islands units he purchased as apartments, an asset class that’s still in high demand, especially as most new projects in the area are condos, he said.
“We can absolutely still improve and bring up the rents,” Gohari said.
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