Jamestown Sells Sunny Isles Beach Rental for Triple Its Last Trade
By Julia Echikson January 3, 2022 3:26 pm
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The South Florida multifamily scrum continues into 2022.
L.A. private investor Chaim Freeman paid $110.6 million for Beach Place, a 308-unit apartment community in Sunny Isles Beach, Fla., more than tripling the last sale price in 2009, property records show. The sale equates to $359.090 per unit.
Located at 17101 North Bay Road, the seven-acre complex spans four buildings, all six stories high, and is 96 percent leased, according to the seller, Jamestown. Monthly rental rates range between $2,171 and $3,957, according to Apartments.com.
The Atlanta-based investor purchased the rental property for $31.2 million following the financial crash, which decimated South Florida real estate. The firm renovated the amenities and apartments, though a spokesperson did not divulge the cost of the upgrades.
The buyer scored an $85 million loan from Rialto Capital Management, per records. Freeman could not be reached for comment.
Berkardia’s Jaret Turkell, Roberto Pesant, Jose Mota and Omar Morales completed the sale on behalf of Jamestown.
The low-rise Beach Place stands apart in Sunny Isles Beach, a town known for soaring luxury towers along the ocean. Over the past decade, the municipality has welcomed some of the county’s highest and most expensive condominiums such as Jeffrey Soffer’s 54-story Turnberry Ocean Club Residences and the Related Group’s Residences by Armani/Casa, which sold out at $1 billion.
Julia Echikson can be reached at jechikson@commercialobserver.com.
