Updated Oct 28, 2024
Air Communities Acquires 845-Unit Multifamily In Miami Beach For $471M
900 West Avenue, Miami Beach, Florida 33139, United States
$471,000,000
Units
844
Asset Type
MultiFamily
Closing
Nov 3, 2022
About this deal
AI
A multifamily property located at 900 West Avenue & 555 Northeast Eighth Street in Miami Beach & Fort Lauderdale has been sold for a total of $471,000,000. The property consists of 845 units and covers an area of 6 acres. The transaction was completed on 11/04/2022.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $471,000,000
- Units: 845
- Price Per Unit: $557,396
- Address: 900 West Avenue & 555 Northeast Eighth Street
- Market: Miami Beach & Fort Lauderdale
- Seller: Mill Creek Residential ; Gumenick Properties - Randy Gumenick
- Buyer: Air Communities - Terry Considine
Terry Considine of Air Communities represented the buyer in the transaction, while the seller was represented by Mill Creek Residential and Gumenick Properties, with Randy Gumenick acting as their representative. The sale of this multifamily property marks a significant transaction in the Miami Beach & Fort Lauderdale market.
On the Map
$471,000,000
MultiFamily
View full map
Players
Miami Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Deal FAQ
Visit Terry Considine to view all their deals.
Browse Florida multifamily sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93