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FOR IMMEDIATE RELEASE
September 22, 2022
SAR Apartment Capital joins forces with Tribeca Funds and Artizen Development to acquire a multifamily complex in the heart of North Miami Beach, FL
The property is comprised of 60 units located in a well-established residential area in North Miami Beach, Fl with 400 linear feet of waterfront.
Miami, Fl – Today SAR Apartment Capital, Tribeca Funds, and Artizen Development are announcing the successful acquisition of a 60-unit multifamily property located at 3800 NE 168 Street in North Miami Beach, Florida for US$ 6,500.000.
The property, currently known as “Coasterra” is a gated community that will undergo a total renovation with a complete remodeling of the units with new interior reconfigurations including euro-kitchen styles and washers and dryers.
Exterior renovations include a new roof and new windows, exterior façade, and expansion of the existing pool to resort-style standards, plus summer cabanas.
The available 400 linear feet of the waterfront will be repurposed to accommodate up to 9 boats.
The units vary in size and features. The renovation will be undertaken with a strict business construction schedule which will allow us to turn the property into a luxury living space to satisfy the growing demand for the South Florida real estate market.
With this new acquisition, SAR Apartment Capital and its partners deliver again on its promise to source, acquire and manage multi-family assets with high ROI potential for its investors.
Further information about the transaction will be released as it becomes available.
VP, SAR Apartment Capital
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SAR Apartment Capital, 3001 W Hallandale Beach BLVD, Pembroke Park, FL 33009, United States