Home Commercial Jamestown sells Sunny Isles Beach rental for triple its last business

Jamestown sells Sunny Isles Beach rental for triple its last business


The South Florida multi-family fray continues until 2022.

THE private investor Chaim Freeman paid $ 110.6 million for Beach Square, a 308-unit apartment community in Sunny Isles Beach, Florida, more than tripled the last sale price in 2009, real estate records show. The sale is equivalent to $ 359,090 per unit.

Located at 17101 North Bay Road, the seven-acre resort spans four buildings, all six stories high, and is 96 percent leased, according to the seller, Jamestown. Monthly rental rates vary between $ 2,171 and $ 3,957, depending on Apartments.com.

The Atlanta-based investor bought the rental property for $ 31.2 million in the wake of the financial crash, which decimated South Florida real estate. The company renovated equipment and apartments, although a spokesperson did not disclose the cost of the improvements.

The buyer secured an $ 85 million loan from Rialto capital management, by records. Freeman could not be reached for comment.

Bekardia‘s Jaret Turkell, Roberto Peasant, Jose mota and Omar Morales completed the sale on behalf of Jamestown.

The low-rise Beach Place stands out in Sunny Isles Beach, a town known for its soaring luxury towers along the ocean. Over the past decade, the municipality has hosted some of the highest and most expensive condominiums in the county such as Jeffrey Soffer54 floors Turnberry Ocean Club Residences and the Related group‘s Residences by Armani / Casa, which sold for $ 1 billion.

Julia Echikson can be reached at [email protected].

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