Sterling Equities Acquires Multifamily Property In Miami For $154.35M

An undisclosed multifamily property in Miami was recently sold for a whopping $154,350,000. The property, located at 125 Northeast 32nd Street, consists of 400 units, resulting in a price per unit of $385,875. The sale took place on January 6, 2021, and involved the buyer, Sterling Equities, represented by Fred Wilpon and Saul Katz. On the other side of the deal, the seller was Magellan Development Group, represented by David Carlins.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $154,350,000
• Units: 400
• Price per Unit: $385,875
• Buyer: Sterling Equities - Fred Wilpon & Saul Katz
• Seller: Magellan Development Group - David Carlins

David Carlins, Fred Wilpon, and Saul Katz were instrumental in the successful execution of this multifamily property transaction in Miami. The involvement of these individuals and companies highlights their expertise in the real estate industry. This deal showcases the value and potential of the property, attracting significant investment.