The East River Living apartment complex in the Little Havana neighborhood of Miami sold for $15 million, or $441,176 a unit.
The deal is another sign that Little Havana is no longer among the most affordable areas of Miami as developers introduce Class A rentals into the neighborhood.
East River Living LLC, managed by Santiago Vanegas of Miami-based Habitat Group, sold the recently completed 34-unit building at 39 N.W. Seventh Ave. to BT Florida Holdings LLC, 39 NW 7th Ave LLC, EL Segundo Associates LLC, and Florida Moraga LLC. First Republic Bank provided a $9 million mortgage for the deal.
Richard Gerber is the managing member of El Segundo Associates, while Brett and David Talla manage the other three companies. The buyers are affiliated with Los Angeles-based Cochise Capital. Franklin Street’s Dan Dratch, Greg Matus and Ryan Wold represented the buyer in the deal.