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AIRC Buys Miami Beach Apartment Complex For $250M

An affiliate of Apartment Income REIT Corp. acquired the Southgate Towers apartment complex in Miami Beach for a combined $250.47 million.

The Denver-based multifamily company announced in November that it had the property under contract for $298 million. However, the two deeds recently filed in Miami-Dade County indicate the price was $250.47 million.

Southgate Towers LLLP and Gumenick Family Investments No. 2 Ltd., both affiliates of Gumenick Properties in Richmond, Virginia, sold the 495-unit apartment complex at 910 West Ave. and the 219,270-square-foot parking garage at 959 West Ave. to Southgate Towers LLC, an affiliate of AIRC. The buyer assumed a $101.2 million mortgage with Metropolitan Life Insurance Co.

Totaling 554,694 square feet, Southgate Towers was built on the 4-acre site along Biscayne Bay in 1958. Gumenick Properties completed a $40 million renovation of the property in 2016 that included the new parking garage.


Source: SFBJ

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