South Beach apartment portfolio trades for $59M

bizjournals.com

Boardwalk Properties acquired a portfolio of 240 apartments on South Beach that gives it a combined 700 apartments in the area.

The company, led by Principal Adam Walker, said it’s the largest multifamily landlord in South Beach now and it plans to renovate and upgrade the 15 buildings. Attorney Neil S. Rollnick, of Hinshaw & Culbertson, represented the buyer in the deal.

“Boardwalk Properties is extremely committed to Miami Beach and supportive of the City’s revitalization and beautification efforts. We look forward to playing our part in this process.” Walker said. “Our vision for the newly acquired properties is to make them modern, secure and efficient for tenants to live in for the long term.”

The seller of most of the property was Bar Invest Group, a Miami-based company led by Executive VP Hervé Barbera that started in France.

Boardwalk Properties said it would preserve the Art Deco facades of the buildings and do painting, common area improvements, add central air conditioning, hurricane impact windows and door, security cameras laundry serves, and other improvements.



The apartment buildings that sold are located at:
700 Euclid Avenue
715 Michigan Avenue
951 Jefferson Avenue
1017 Jefferson Avenue
1025 Meridian Avenue
1135 8th Street
1226 Drexel Avenue
1251 Euclid Avenue
1326 Pennsylvania Avenue
1348 Drexel Avenue
1455 Euclid Avenue
948-952 Meridian Avenue
1336 Pennsylvania Avenue
1440 Euclid Avenue
1110 Pennsylvania Avenue

“The transaction was complicated because there were 15 separate and individual properties and multiple sellers involved,” Rollnick said.

Two years ago, Rollnick represented Bar Invest Group in the sale of 113 apartments on South Beach to Boardwalk Properties for $22.15 million.




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