234-Unit Asbury Park Apartments Sells for $11M

MIAMI-After being entirely refurbished, the 234-unit Asbury Park Apartments in northwest Miami has been sold for nearly $10.8 million, a healthy increase from the price it sold for last year. The sales price, at a 7% capitalization rate, equates to approximately $45,940 per unit, or almost $62.51 per sf.Hialeah Realty Group, based in New Jersey, acquired the 171,975-sf, three-story property as a 1031 Exchange. The seller was locally based investment partnership Advenir at Asbury LLC, according to the Miami-Dade County property appraiser’s office. The apartment community is located on approximately eight acres at 17600 N.W. 5th Ave. It was last purchased just a little more than a year ago, in February 2003, for $7.1 million, according to the property appraiser’s office. This represents a 51% increase in the sales price from 2003 to 2004.Asbury Park Apartments was built in 1972. The recent renovations included tiling of most of the units, air conditioning, new carpeting, exterior paint and landscaping, according to Daniel Draizin, a broker involved in the sale. In addition, he says there was a change of some of the tenants. The improvements have apparently paid off. The current occupancy of Asbury Park Apartments is 95%.The community consists of 126 one-bedroom units, 90 two-bedroom units and 18 three-bedroom units. They range in size from 625 sf to 1,200 sf. Amenities include a pool, a spa and a recreation area. The property was only on the market a month or less, Draizin says.Draizin, Evan P. Kristol and Still Hunter III, investment specialists in Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co.’s Fort Lauderdale, FL, office, had the exclusive listing to market the property for the seller. Tal Frydman, an investment specialist in Marcus & Millichap’s Fort Lauderdale office, represented Hialeah Realty Group in the transaction.