Franklin Street announces the sale of a 36-unit apartment building in North Miami, Fla. for $2.393 million, representing $115 per square foot. The complex was 100 percent leased at the time of the sale.
Franklin Street’s Deme Mekras, Elliot Shainberg and David Reinke represented the seller and buyer, both local investors. The seller, Continental West Apartments, LTD., recently renovated the property by adding a new roof, plumbing, electrical and putting in new floors and cabinetry in the units. The buyer, JC 125th Street, LLC/PTH 125th Street, LLC, plans on maintaining the property as a rental, according to Shainberg, senior director.
“With the recent upgrades, this property stands out in a mostly older neighborhood,” said Shainberg. “That, combined with the fact that it is located very close to shopping and public transportation, made it very appealing to our buyer.”
The Continental West Apartments is located at 447 NE 125th St., North Miami 33161.
About Franklin Street: Franklin Street is a family of real estate companies focused on delivering value-added solutions to meet the evolving needs of our clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions – Real Estate, Capital, Insurance and Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please see the company’s website at FranklinSt.com. Download PDF