Rosewood Realty Group’s National Brokerage Division announced the sale of a 12-building portfolio in Miami Beach for $31 million.
The Real Deal identified the parties involved. Kerem North Beach Apartments, an affiliate of another similarly named entity managed by Brooklyn-based real estate investor Yonason Greenwald, was listed as the buyer. The seller was New York investor Elliot Sohayegh.
The properties feature 141 rental units and include: 8400 Harding Ave., 8221 Harding Ave., 8215 Harding Ave., 7745 Harding Ave., 335 75th St., 630 77th St., 333 84th St.,321 84th St., 525-531 76th St., 7609 Carlyle Ave., 7617 Carlyle Ave. and 7625 Carlyle Ave. (pictured top).
The buildings totaled 84,000 sq/ft. and sold for $220,000 per unit, with a 4% cap rate. Most of the buildings were built in the 1940’s and 1950’s.
Rosewood’s Aaron Jungreis represented the seller. Jonathan Brody represented the buyer.
“There is great upside to this deal for the buyer who plans to add value by upgrading both the properties’ exteriors and interiors,” said Brody who serves as the President of Rosewood Realty Group’s National Investment Sales Division.
Rosewood Realty has sold 30 buildings so far this year in south Florida, with another four currently in contract.