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Real Estate

Big Things Miami!

Cashflow In Miami
March 31, 2023

Big Things Miami!

11385 sw 30th ct ,Miramar

AvalonBay Acquires Two Apartment Communities in Miramar Totaling 650-Units for $295M

BBX Capital Real Estate, a wholly-owned subsidiary of BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB),  announced that its Altis Miramar East/West joint venture had completed the sale of Altis Miramar, a 320-unit multifamily apartment community located in Miramar, Florida, and Altra Miramar, a 330-unit multifamily apartment community adjacent to Altis Miramar. In connection with the closing of the transaction, BBX Capital Real Estate received a net cash distribution of approximately $16.4 million from the joint venture.

The Altis Miramar East/West joint venture was sponsored and formed by The Altman Companies in 2019 to develop Altis Miramar and Altra Miramar. Construction of the communities commenced in 2019 and was substantially completed in 2022. As of March 31, 2022, the carrying amount of BBX Capital Real Estate’s investment in the joint venture was $2.9 million.

16051 W Dixie Hwy, North Miami Beach, FL 33160

North Miami Beach Financial Center trades hands!

The North Miami Beach Financial Center, a 2.47-acre site featuring a two-story Regions Bank building located in an opportunity zone at 16051 W. Dixie Highway in North Miami Beach, has sold for $9.3 million. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties.

North Miami Beach Financial Center was originally constructed in 1972. The SAE Institute has been a tenant of the Regions Bank building since 2002. The property features strong fundamentals including 675 feet of frontage along West Dixie Highway, easy access, sufficient parking and an excellent location. Situated two blocks from the signalized intersection of Biscayne Boulevard and NE 163rd Street, the site experiences traffic counts of 49,500 and 43,500 per day respectively .

AHS buys almost 18 acres  of land!!

15530 and 15540 West Dixie Highway, North Miami Beach

AHS Residential scooped up a 17.8-acre mostly vacant site in North Miami Beach for $57 million, marking investors’ insatiable appetite for developable land in South Florida.

The Miami-based company bought the property on the southeast corner of Northeast 159th Street and West Dixie Highway from New North Equities LLC, records show. It was previously approved for a massive mixed-use development.

The selling entity is managed by Gabriel Boano, state corporate records show. He is president of family owned development and construction company Art + Tec Development, based in Bay Harbor Islands.

The majority of the property, or 17.7 acres, consists of land. The remainder has two one-story commercial buildings, at 15530 and 15540 West Dixie Highway.

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