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

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SOLD
$11,000,000

Florida

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MultiFamily119,532 SF
Sold 06/04/2024
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SOLD

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

11900 Northwest 19th Avenue & 11947 Northwest 19th Avenue

See Similar Deals
MultiFamily119,532 SF
Sold 06/04/2024
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$92
Total Square Footage:119,532 SF
Transaction Type:Sale

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.

Players

David Burstyn
37 deals$694.4M volume
BUYER

Brian A. Sidman
Redwood Dev Co
4 deals$110.2M volume
BUYER

City National Bank of Florida
LENDER

Details

SOLD
IMAGE: David Burstyn, Brian A. Sidman & Richard Meruelo DATE: 06/04/2024 ADDRESS: 11900-11947 Northwest 19th Avenue MARKET: Miami ASSET TYPE: Multifamily ~ ACRES: 2.8 BUYER: Brian A. Sidman (@BrianAndrewSidman) & David Burstyn (@DavidBurstyn) - Redwood Dev Co. SELLER: Richard Meruelo - Rebuild Miami LLC LENDER: City National Bank of Florida (@CityNationalBankofFlorida) SALE PRICE: $11,000,000 UNITS: 35 ~ PPU: $314,286 SF: 59,766 ~ PPSF: $184 NOTE: Redwood Westview East LLC, an affiliate of Redwood Dev Co, purchased a 35-unit apartment complex in Miami-Dade County's Westview neighborhood for $11 million, resolving a foreclosure lawsuit with the property from Rebuild Miami LLC. City National Bank of Florida provided a $9.31 million mortgage to the buyer.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$586,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$39,080.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,145.61
Annual Debt Service$625,747.34