Redwood Dev Co. Acquires Miami Multifamily Complex From Rebuild Miami For $11M

The 35-unit apartment complex located at 11900-11947 Northwest 19th Avenue in Miami, with a total area of 59,766 square feet, was sold for $11,000,000 in a transaction involving Redwood Dev Co., Redwood Westview East LLC, and Rebuild Miami LLC. The property, situated in the Westview neighborhood of Miami, was acquired by Brian A. Sidman and David Burstyn from Richard Meruelo. City National Bank of Florida provided a mortgage of $9,310,000 for the purchase.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $11,000,000
• Acres: 2.8
• Units: 35
• Price Per Unit: $314,286
• Square Footage: 59,766
• Price Per Square Foot: $184
• Address: 11900-11947 Northwest 19th Avenue, Miami
• Market: Miami

David Burstyn, Brian A. Sidman, and Richard Meruelo were the key figures in this real estate transaction. Redwood Dev Co., through its affiliate Redwood Westview East LLC, successfully concluded a foreclosure lawsuit with Rebuild Miami LLC by purchasing the property. The involvement of City National Bank of Florida as the lender facilitated the sale of the 35-unit apartment complex in Miami-Dade County's Westview neighborhood.