Value-Added Apartment Portfolio Sold in North Miami Beach

Grand Island Place I

Three apartment communities in the North Miami Beach area changed hands recently. The seller Faith Investment Properties Group announced that Grand Island Place I, Grand Island Place II, and Aventura Brentwood Apartments include 310 units and were sold for the total of $28 million.

Faith Investment Properties L.L.C. is a real estate investment company specializing in property investments ranging from commercial plazas, multi-family projects, foreclosures and developments, to foreign investments. Based in Aventura, Fla., the firm has offices in Aventura, Hallandale, Wynwood and Miramar. The company marketed the offering through FIP Realty Services, its affiliate brokerage with a portfolio of nearly 700 rental units throughout North East Dade County.

Located on 2.8 acres at 1495 to 1551 Northeast 167th Street, the Grand Island Place complex includes 260 apartments. Grand Island Place I has 200 units along with 15,000 square feet of ground floor retail space in an eight- and a four-story building, both constructed in the late 1950’s. Its last sale price was $6 million in July 2010, and it now sold for $16.5. The 60-unit, four-building Grand Island Place II sold for $5 million, compared to its last deal in November 2012, which was worth $3.2 million.

Aventura Brentwood Apartments is a 59,382-square-foot, three-building neighborhood at 2350 Northeast 173rd Street, just a block west of Marina Palms Yacht Club & Residences. Built in 1969, the mid-rise buildings offer 50 rental units, and it was sold $6.5 million. It was last sold in July, 2004 for $2.9 million.

Grand Island Square LLC, a Grove Island Property Management affiliate closed on the assets.

Photo credits: FIP Realty