Air Communities Acquires 845-Unit Multifamily In Miami Beach For $471M

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.