Lurra Capital buys Miami apartment complex for $ 6 million

Sam Zalmanov and Getzy Fellig from AB Asset Management with 2162 Southwest 14th Terrace (Google Maps)

For the second time in two weeks, a boutique apartment complex in a residential area of ​​Miami has sold for more than $ 6 million.

A subsidiary of Lurra Capital, a Zurich-based private investment firm led by founder and CEO Tyron Birkmeir, reportedly paid $ 6.4 million for The Shenandoah, a two-building apartment building at 2162 Southwest 14th Terrace.

Lurra Capital paid approximately $ 266,666 per apartment for the 24-unit complex in Miami’s Shenandoah neighborhood.

The seller is a company affiliated with AB Asset Management, a Miami Beach-based multi-family investment firm led by Getzy Fellig and Sam Zalmanov. Calum Weaver and Perry Synanidis from Cushman & Wakefield represented the seller, according to a press release.

Late last month, Michigan immigration attorney Rami Fakhoury paid $ 6.9 million through a subsidiary for the new 18-unit Silver Cove apartments on Southwest 25th Terrace 2010 in Miami’s Silver Bluff neighborhood, five minutes from Shenandoah. Out-of-town investors are hungry for multi-family property in South Florida, where demand for rental housing skyrocketed during the pandemic.

After purchasing The Shenandoah in 2017 for $ 1.9 million, AB Asset Management invested an additional $ 2.4 million in the complete renovation of the 1925 buildings last year, according to Cushman & Wakefield. The company gutted all units and installed hurricane windows, new electrics, new plumbing, new floors, new granite countertops, new kitchen cabinets, and other high quality finishes. AB also installed security cameras, secured access to the building, repainted the exterior, and resealed and striped the parking lot, according to the listing.

The buildings offer two-bedroom, one-bathroom units that are 100 percent occupied, with the property’s current gross income at $ 460,980, Cushman said. According to the listing, the average monthly rent for two-bedroom apartments is $ 2,516.

In the past month, institutional investors from abroad made several large multi-family purchases. Lerner Enterprises, based in Rockville, Maryland, the billionaire family that owns the Washington Nationals, acquired a residential tower near Dadeland Mall for $ 114 million.

AvalonBay Communities, a publicly traded real estate fund based in Arlington, Virginia, paid $ 150 million for the Curv apartment building in Fort Lauderdale. The property also includes a Whole Foods.

And Morgan Properties, of King of Prussia, Pennsylvania, has spent $ 132.5 million on an apartment complex of 622 units in West Palm Beach.

Contact Francisco Alvarado

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