The total purchase price was more than $9.1 million, with the average purchase price for the units being nearly $43,000. The sales all closed in the past month.
Three of the transactions were in Biscayne Gardens:
-City King Apartments LLC bought the 51-unit building at 13055 N.E. 6th Ave. for $2.18 million, or an average of approximately $42,745 per unit;
- Miami King Apartments LLC bought the 60-unit building at 15390 N.E. 6th Ave. for $2.64 million, or about $44,000 per unit;
- The King's Apartments LLC bought the 59-unit building at 400 N.E. 137th St. for $2.54 million, or about $43,051 per unit.
In addition, in the Blue Lagoon area, Paradise Apartments Inc. purchased the 34-unit apartment building at 1001 N.W. 45th Ave. for $1.79 million, or an average of $52,647 per unit.
"The sales are indicative of today's market, as we are seeing investors moving from the volatility of stocks and other investments to the stability of the South Florida multi-family housing market," Robert Cambó, president of Alliance Companies Inc. and a broker involved in the deals, says in a statement.
Locally based Alliance Companies' Cambó and Jorge Rodriguez of Cronus Inc. in Coconut Grove, FL represented the sellers of all four apartment buildings.
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