North Beach Multi-family Residential Portfolio Sells for $16.6 million

Susan Askew
Susan Askew

North Beach Multi-family Residential Portfolio Sells for $16.6 million:

Seller is Boardwalk Properties which is diversifying its holdings

A portfolio of nine multi-family residential buildings in Miami Beach's North Beach has just changed hands. The seller was represented by Urban Resource, a real estate and property management firm that will continue to manage the properties for the buyer. The price was $16,625,000. With a total of 102 units across nine buildings, the price per door was $162,990. Average rent is $1,321 according to Urban Resource.
 
The properties are all located in the North Shore district: 335 75th Street (The Lancaster, above), 8400 Harding Avenue, 321-333 84th Street, 7625 Carlyle Avenue, 7609-7617 Carlyle Avenue, 525 76th Street, and 7745 Harding Avenue.
 
According to Miami-Dade Property Appraiser records, the properties are owned by various LLCs, all of which are controlled by Boardwalk Properties. All one- and two-story buildings, they were constructed between 1941 and 1958. Boardwalk properties assembled the portfolio between February 2013 and June 2014 for a total of $15.1 million. 
 
In an article in the Daily Business Review published earlier this year, Boardwalk president and CEO Adam Walker said the firm was diversifying its assets both geographically and through the purchase of newer assets. According to the article, the company recently expanded beyond Miami-Dade County with several purchases in Broward. 
 
Laura Veitia, Urban Resource Vice President, said this is the firm’s biggest single sale since she and brother Daniel Veitia started in 2003. The company is focused on Miami Beach and opened a North Beach office in 2008.
 
Since then, Veitia said there has been an improvement in the stock of multi-family residential properties in North Beach. “We’re seeing investors coming in and breathing new life into those multi-family buildings,” she said. 
 
This sale of "garden style" buildings represented a mix of studio, and one- and two-bedroom units, with the average size being one bedroom, Veitia noted. The Lancaster building at 333 75th (above) is one of her favorites. “It still has the original billboard or signage. It’s really pretty. It has a lot of curb appeal.”
 
The unnamed buyer is from New York and used the purchase for a 1031 exchange, a strategy that allows investors to defer capital gains taxes on the sale of an investment property by purchasing a “like-kind” property.

Details on the properties via the Miami-Dade County Property Appraiser’s Office:
  • 333 75th Street, 2 story, 14 units, built in 1951, purchase price $2,100,000 in June 2014
  • 8400 Harding Avenue, 1 story, 12 units, built in 1949, purchase price $2,060,000 in June 2014
  • 321-333 84th Street, two buildings, 1 story w/8 units each, built in 1951, purchase price $1,650,000 in Jan 2014
  • 7625 Carlyle Avenue, 2 story, 12 units, built in 1957, purchase price $1,710,000, June 2014
  • 7609-7617 Carlyle Avenue, two buildings, each 2 story w/8 units, built in 1951, 3,308,000, February 2013 (bulk sale)
  • 525 76th Street, 2 story, 6 units, built in 1941, (part of bulk sale)
  • 7745 Harding Ave, 2 story, 26 units, built in 1958, purchase price 4,300,000 in June 2014
 
 
 Photo: Urban Resource
 

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