Abdolmajid Tandel Of Tandel Group 6 LLC Acquires Multifamily Asset In Miami For $68M

The property involved in this transaction is a newly built multifamily asset located at 61 NW 37th Ave, Miami, within the Little Havana area. The total sale price amounted to $68,000,000, with a total of 199 multifamily units in the building. The asset spans 325,740 square feet and is situated on a 1.09-acre lot.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $68,000,000
• Multifamily Units: 199
• Price Per Unit: $341,709
• Retail Units: 2
• Square Footage: 325,740
• Price Per Square Foot: $209
• Acres: 1.09
• Buyer: Abdolmajid Tandel - Tandel Group 6 LLC
• Seller: Henry Torres - The Astor Companies
• Seller's Representative: Manny Chamizo III - ONE Sothebys
• Buyer's Representative: Victor Grunbaum - Keller Williams Capital Realty
• Lender: City National Bank of Florida
• Note: The deal was supported by a $36.5 million mortgage from City National Bank of Florida and $9 million in seller financing.

The transaction highlights key players in the market, including Henry Torres, the seller and CEO of The Astor Companies, who facilitated the sale, and Abdolmajid Tandel, the buyer representing Tandel Group 6 LLC. The property is noteworthy as it is trading for the first time after its completion in 2023 and was represented by Manny Chamizo III from ONE Sothebys for the seller and Victor Grunbaum from Keller Williams Capital Realty for the buyer.