The apartments are mainly in Art Deco-style one- and two-story buildings that date to the ’50s and ’60s, said Herve Barbera, vice president of Bar Invest Group, which manages the properties. Many have historical facade protection from the city of Miami Beach. A family office group that Barbera declined to name scooped up the units when prices bottomed out during the recession in 2009 and then performed renovations.
Rents across the portfolio are about $2.25 per foot, compared to a little more than $3 for South Beach as a whole. The units have an average size of 615 square feet and rent for an average of $1,380. They range from studios to two-bedrooms.
“The rental price per square foot is going up and up and up in South Beach,” said Barbera, who added that most of the tenants are young professionals and young couples who work in South Beach, Brickell or downtown.
Most multifamily transactions in South Beach are small. The average size of multifamily deals for the area over the last year was 14 units, according to CBRE.