Leon Ojalvo Picks Up Miami-Dade Affordable Rental Complex for $15M

reprints


Blue Lake Village Apartments, a five-building, multifamily rental complex in a working-class section of Miami-Dade County, sold for $15 million.

Leon Ojalvo of the Miami-based real estate investment firm Liberty Base bought the 90,000-square-foot property located by the Silver Blue Lake at 1205 NW 103rd Lane in Pinewood, Fla

SEE ALSO: Boston Properties to Acquire Maryland Biotech Campus for $117M

The sale, which closed last Wednesday, came a little under the $15.9 million asking price and equates to $141,500 per apartment. 

The three-story buildings hold 106 units in total, all of which are leased and are two-bedroom apartments, said SRE Commercial Group broker Jacob Serure, who represented the seller, Fidel Yero. Rents range between $850 and $1,500 a month, the broker added. 

The property was built in 1991 and last sold for $3.7 million in 2003, per property records. 

“We see Class C housing as a sustainable asset class, regardless of a recession,” said broker Tomas Sulichin of RelatedISG Commercial, who represented the buyer. “People always need affordable housing.”