Southgate Towers in Miami Seaside at 910 West Avenue in Miami Seashore with Air Communities’ Terry Considine (Air Communities, Google Maps)
Air Communities beefed up its portfolio with the $250.5 million buy of Southgate Towers in Miami Seaside.
Air, or Condominium Cash flow Authentic Estate Expenditure Believe in, compensated $223.5 million for the pair of 14-tale multifamily properties at 910 West Avenue, and $26.9 million for the garage with floor-flooring retail at 959 West Avenue, in accordance to information. The Gumenick family’s Gumenick Homes marketed the two properties.
Publicly traded Air declared it had the assets underneath contract in its third quarter earnings release final calendar year. At the time, it noted a buy rate of $298 million. Air did not straight away return a ask for for comment concerning the improve in cost.
The offer for 495-device Southgate breaks down to almost $452,000 for every apartment.
This is the very first time Southgate Towers has traded given that the Gumenick household accomplished the properties sometime in the late 1950s or the early 1960s. At the time, the job marked the to start with large-rise apartment advanced in Miami Seaside. The late Nathan Gumenick started out the eponymously named company in Richmond, Va., and it is now dependent in Richmond and Miami Seaside, with grandson Randy Gumenick as chairman.
The pair of L-formed structures sit on 4 acres overlooking Biscayne Bay and Miami.
Southgate delivers studios, as very well as one- to three-bedroom apartments, with month to month rents ranging from $2,500 to $7,250, in accordance to Apartments.com.
The five-tale garage, which is throughout the street from Southgate, was completed in 2002 on 1.3 acres, home information display. Retail tenants include Caffe Umbria, Pure Pharmacy, Giotto Maestro Della Pizza and Oliver’s Bistro.
Air, centered in Denver and led by Terry Considine, spun off in 2020 from Aimco as an apartment communities REIT.
Air put at the very least two other wagers on South Florida’s multifamily marketplace final 12 months. It purchased The District at Flagler Village creating at 555 Northeast Eighth Street in Fort Lauderdale’s Flagler Village for $173 million. Air also purchased the 28-tale, 296-unit Watermarc at Biscayne Bay on the northeast corner of North Bayshore Generate and Northeast 21st Road for $211 million.
The tri-county region’s rental marketplace has boomed around the previous two and a 50 % several years, many thanks to a populace inflow that has pushed up rents to new heights. A modern report from RentCafe deemed Miami-Dade County as the “most competitive” apartment market in the U.S. An normal of 32 renters vied for 1 available device, significantly earlier mentioned the nationwide common of 14 renters competing for an apartment.
