South Florida Business Journal: Apartments near Miami International Airport sell for $13M

Brian BandellJul 20, 2020, 6:20am EDT

A pair of apartment buildings just east of Miami International Airport sold for $13.19 million.

MIA Airport Villas, managed by Jesper Arnoldsson, and G3 Investment Trust, headed by Stephen Gans, sold the 90 apartments at 4325 and 4335 N.W. South Tamiami Canal Drive.

The buyer was Biscayne Plaza II LLC, managed by Javier Cervera of Cervera Real Estate Ventures. Greystone Servicing Co. provided a $9.88 million mortgage to the buyer.

The price equated to $146,556 per unit.

Totaling 67,649 square feet, the two buildings last traded for $8.1 million in 2015.

They were developed on the 1.86-acre site in 1972. They are along a canal that runs alongside the eastern border of the airport.

The Covid-19 pandemic has slowed many real estate deals, but the multifamily market should be strong long term because of the region’s population growth. In fact, this deal positioned Cervera Real Estate Ventures from a commercial investment to multifamily.

In March, Biscayne Plaza II sold 11 commercial condos in Miami’s Edgewater.

Apartments near Miami International Airport sell for $13Mhttps://www.bizjournals.com/southflorida/news/2020/07/20/cervera-real-estate-buys-apts-near-mia.html