Miami Beach apartment complex sells for $20M

The Alton Pointe apartment complex in Miami Beach has sold for $20.44 million, the South Florida Business Journal reported. The property, which had been purchased by Ram Real Estate at a bankruptcy auction in 2009, is located at 1965 Alton Road. The buyer was a limited liability company called Alton Pointe, which is based in Miami Beach. Ram bought the mortgage on the 118-unit property in 2009 through an affiliate with a bid of $6.2 million. It has since undertaken renovations on the property. “Alton Pointe is a great example of where our ability to acquire defaulted mortgages and to add value at the property level can produce great returns.” [SFBJ]