12-Building Rental Portfolio in Miami Beach Sells for $31M
By Julia Echikson August 20, 2021 2:46 pm
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Private investor Elliot Sohayegh sold an assemblage of low-rise rentals in Miami Beach, for a combined $31 million, according to brokerage Rosewood Realty Group, which represented both the buyer and seller.
The 12-building portfolio includes 141 rental units, totaling 84,000 square feet across North Beach, Fla., which is located just south of Surfside, where the Champlain Towers South condo building collapsed, killing 98 people, earlier this summer. The sale equates to $220,000 per unit, with a 4 percent cap rate.
Built in the 1940s and 1950s, the properties are a mix of single- and two-story structures. Five sit along Harding Avenue between 85th and 82nd streets, in addition to one by 78th Street. Another six are located nearby between Dickens and Carlyle avenues along 76th and 77th streets.
The buyer — Kerem North Beach Apartments, a real estate company tied to Brooklyn-based investor Yonasan Greenwald, according to The Real Deal — plans to upgrade the properties’ exteriors and interior, said Rosewood’s Jonathan Brody. A Rosewood representative declined to reveal the firm’s name.
Sohayegh purchased the building collection for a combined $20.7 million in 2019, property records show; he could not be reached for comment. Rosewood’s Aaron Jungreis represented Sohayegh in the deal.
