Javier Cervera, of Cervera Real Estate Ventures, Acquires 24-Unit Apartment Building Near Miami International Airport

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airport-view-iiA partnership associated with Javier Cervera, of the well-known Miami real estate family, has just acquired a 24-unit apartment complex near Miami International Airport. The buyer, Airport View II, LLC, acquired the property for $1,825,000 on Wednesday, November 9th. Mercantil Commercebank financed the transaction. This is the latest in a series of acquisitions by Cervera Real Estate Ventures, a company founded by Mr. Cervera.

“Our company is focused on acquiring profitable, income producing assets for our portfolio, while also shaping the community by providing clean and quality homes for our residences,” said Cervera. “This building is a perfect opportunity for this type of venture.”

The building, located at 4271 NW South Tamiami Canal Drive, was built in 1971 and consists of 24 units, to the east of Miami International Airport and west of Melreese Golf Course, in the neighborhood known as Flagami (a combination of Flagler & Tamiami).

Robert Adams, a real estate attorney, and Carlos O. Rovira, a real estate broker, are minority partners in the building. Rovira Realty brokered the transaction, representing the buyer.

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Javier Cervera buys out 1800 Biscayne Plaza partner

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SFBJ 1800 Biscayne Plaza street view 315Real estate investor Javier Cervera has paid about $7 million to pay off debt and buy out his partner in a joint venture that held seven condos and 20,000 square feet of street-level retail space at Miami’s 1800 Biscayne Plaza.

Cervera’s company, Cervera RE Ventures, is looking to sell the seven condos and lease the retail space. The corner space can accommodate a 7,000-square-foot tenant, he said.

Javier Cervera, brother of broker Alicia Cervera Lamadrid and son of Alicia Cervera Sr., did not disclose his partner, who he said was in the entertainment industry. However, both Biscayne Plaza and Biscayne Plaza II list Cecile Barker as partners in the joint ventures created to control the residential and retail separately. Barker is chairman of the board of Miami Beach-based SoBe Entertainment LLC, which represents artists including Jah Cure and Stack.

1800 Biscayne Plaza is a 22-story condo tower at 275 N.E. 18th St., on the west side of Biscayne Boulevard. The tower, built in 2006, sits just north of the site of a new Publix now under construction. Units have from one to four bedrooms, the latter at the penthouse level, and have sold from $120,000 to more than $450,000. The building is located in the heart of Miami’s Omni district, which includes several condominiums and the Adrienne Arsht Center for the Performing Arts.

Cervera put together his investment strategy eight years ago, when he and his partner assembled three parcels across the street from Margaret Pace Park. The parcels had apartment buildings on them, one of which was eventually demolished.

Melo Contractors, the developer of 1800 Biscayne Plaza, had the parcels under contract, but did not close. So, Cervera sued for nonperformance and settled, getting 42 condos and the retail space.
Cervera said he received calls Tuesday from investors interested in buying the retail, but his company has a five- to 10-year hold on the assets, which he expects to increase in value. Cervera has hired Metro Consultants to work with him on managing the investment.

Source: South Florida Business Journal

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His own way: real estate entrepreneur Javier Cervera Jr. leverages his family name while blazing an independent path for his business.

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Javier-CerveraJavier Cervera Jr. faced a choice several years ago: go to work for the successful real estate company his family grew over 25 years, or go it alone. He chose the latter and now finds himself busy building his own identity while leveraging his family name.

Cervera’s only regret is that he didn’t do it sooner.

“I wish I would have started five years ago,” he says from his Cervera-Bankers Holdings LLC office in Miami. “We saw there was a really good opportunity to go in and buy these Class B, A-, B- rental buildings, do a minimum amount of work and in a minimum amount of time convert them to condominiums.”

Today, the company has 500 apartment units in the process of being converted to condos, and has sold another 500 units since its launch two years ago. The 37-year old has also amassed a small but strategic group of land holdings that he hopes to build on or sell for profit.

It would not be far off the mark to say Javier Cervera was born into the real estate business.

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