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Miami Real Estate - Miami Real Estate news

Monday, July 2, 2007

Miami commercial real estate, apartments sell for $43 million

Six five-story apartment buildings located at 1550 NE 123rd Street in North Miami have just been sold for $43 million.

The company that sold the properties is called Alliance TD LTD Partnership.

The company representing the seller described Alliance as an offshore entity represented by a domestic pension fund adviser.

In order to increase the brokerage firm stated that the buyer intends to keep the buildings as apartments in order to improve the property profit. A two-story clubhouse with fitness center, meeting rooms, two pools, two lighted tennis courts, two indoor racquetball courts and gated property entrance are among just some of the features.

One of the main buying factors for the new owners was the lack of apartment inventory in the area and they expect to profit greatly from this.

The buildings were built between 1985 and1989 and last sold in 2003 for $29.25 million, according to the property tax records.

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