Jacob Ohayon & Cristina Ohayon Acquire Multifamily Property In North Miami Beach For $4.1M

The property involved in this transaction is a multifamily asset located at 16890 NE 21 Ave and 1951 NE 167 St in North Miami Beach. The property consists of 30 units with a total square footage of 18,000. The asking price for the property was $4,500,000, and it was sold for $4,125,000, resulting in a price per unit of $137,500 and a price per square foot of $229. The cap rate for the transaction is 6%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $4,125,000
• Units: 30
• Square Footage: 18,000
• Price per Unit: $137,500
• Price per Square Foot: $229
• Cap Rate: 6%

The buyer of the property is Jacob Ohayon and Cristina Ohayon, who represent EdenVest Group. On the other hand, the seller is Chaim Cahane from Forte Capital. The deal was facilitated by brokers Joseph Thomas, Adam Duncan, and Alec Demetriou from Marcus & Millichap.

It is worth noting that this $4,125,000 transaction is part of a larger portfolio package deal worth $6,325,000. The same buyer, Jacob Ohayon, purchased another 16-unit building on April 5th, 2021, located at 17031 Ne 23rd Ave. The proforma cap rate for that property is 10%. With this transaction, Ohayon has acquired a total of 130 units since the beginning of the pandemic. Jacob states, "The pandemic was good to us."