 |
| 8101 Crespi Boulevard, Miami Beach, FL |
 |
| Elliott Shainberg |
MIAMI, FL — Franklin Street Real Estate Services announces
the sale of a 24-unit apartment building in Miami Beach, Fla. for $4.3
million. At $179,000 per unit, the
all-cash sale represents the highest price per unit for a multifamily
project-excluding newer construction- in the north beach section of Miami Beach
since 2008.
Deme Mekras, Elliot Shainberg, and David Reinke, all
of Franklin Street Real Estate Services, represented the seller, a local
investor.
The buyer, an
investor and developer from Italy, bought the building with plans to convert it
into a condominium, according to Shainberg, a senior director of Franklin
Street who is based in Miami.
“This deal signals that the condo conversion business is
back in full-swing in Miami Beach,” said Shainberg. “Investors are seeing
profitability in condo conversions again, picking up where others left off when
the real estate market crashed in 2007,” he said.
Shainberg said this was a particularly interesting deal
because it involved the last four-story, mid-rise waterfront rental building
within a two-mile radius that was not converted to condominium during the last
boom.
 |
| Deme Mekras |
“Being one of the last properties converted in the area
paired with the fact that it offers water views with boat docks, covered
parking, and a swimming pool made this a very unique property,” said
Shainberg. “Most of the apartment
complexes in Miami Beach don’t have these kinds of amenities or dedicated
parking.”
Shainberg also noted that Miami Beach remains the location
of choice for foreign investors who want to move capital out of their own
countries.
“These Investors feel their money is safer being invested in
Miami Beach apartments and condominiums than putting it into foreign real
estate or the stock market,” Shainberg said.
Built in the 1960’s, the property is located at 8101
Crespi Boulevard, Miami Beach, Fla., 33141. It is approximately five
minutes south of Bal Harbour and is 15 minutes north of South Beach.
For a complete copy of the company’s news release, please
contact:
Todd Templin,
Boardroom Communications
954-370-8999/954-290-0810
No comments:
Post a Comment