Berkadia Represents Both Parties in $33M Miami Deal
- Oct 22, 2018
Berkadia has facilitated the sale of Park Plaza Apartments, a 234-unit community in North Miami, near the Golden Glades interchange. The buyer, a joint venture between Coastline Management and Watson Tower Capital Group, purchased the asset from EB Real Estate Group for $33.2 million, or $141,880 per unit.
Berkadia’s Senior Director Tal Frydman, Director Yoav Yuhjtman and Associate Director Nicholas Perrone of the firm’s South Florida office worked on behalf of both the seller and the buyer in this transaction.
Located at 17600 NW Fifth Ave. in the Norland neighborhood of Miami-Dade County, the asset is across the street from a Walmart Supercenter, while Aventura Hospital & Medical Center is within a 7-mile drive of the property. Completed in 1972, Park Plaza’s one-, two- and three-bedroom units average 737 square feet and are spread across 13 three-story buildings. Amenities of the elevator-served community include a fitness center, business center, grill and picnic area and six laundry facilities.
According to Yardi Matrix data, EB Real Estate Group purchased the property for $22.7 million in 2016. The new owner intends to renovate the asset and improve the amenity package of the community through a value-add plan. Park Plaza Apartments was 97 percent occupied, as of September.
Image courtesy of Berkadia
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