IMC Equity buys Homestead apartments, condos for $38M

IMC Equity Group acquired the Venice and Florence at Crystal Lake in Homestead

An affiliate of IMC Equity Group acquired a fractured condominium and a neighboring apartment building in Homestead for $37.56 million.

Pride Homes of Crystal Lake and Venice by Garco, both managed by Martha Fernandez in Miami, sold 82 condos in the Venice at Crystal Lakes at 3520 N.E. Fifth St. and the 160-unit apartment building at 3485 N.E. Fifth St. to Campbell South Rentals LLC, led by Yoram Izhak of North Miami-based IMC Equity Group. Israel Discount Bank of New York provided a $24.67 million mortgage to the buyer.

The deal was brokered by Deme Mekras and Elliot Shainberg of MSP Group. They noted it’s near a 1 million-square-foot distribution center that is building, which will create hundreds of jobs.

The price equated to $155,207 per unit.

The Venice at Crystal Lakes was developed in 2007, right before the Great Recession. The developer wasn’t able to sell most of the units, but held onto them as rentals.

The neighboring apartment building, the Florence at Crystal Lake, was completed in 2013. It totals 179,608 square feet.

Homestead is a relatively affordable part of South Florida to live in. The deal fits in with IMC Equity Group’s strategy of buying apartment and retail projects aimed at the working class.

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