The Wilton House apartments and a neighboring retail building in Wilton Manors were sold in two deals for a combined $30.66 million.
In the bigger deal, the 156 apartments at 2727 and 2731 N. Andrews Ave. traded for $30.16 million. The seller was 2701 North Andrews Property Owner LLC, a joint venture between Constantine Scurtis and Camilo Padilla of Downstream Realty in Wilton Manors, and Peter LaPointe and Toby Cobb of Grass River Property in Miami.
The buyer was Andrews Ave Apartments, managed by Yonason Greenwald of Miami’s Kerem Property Management, which secured a $19.3 million mortgage from Keybank. The price equated to $193,333 per unit.
Totaling 116,719 square feet in two stories, Wilton House apartments were built in the early 1970s on the 5.3-acre site. The complex includes an interior courtyard and a pool. Units were renovated recently with new impact windows, tile floor, granite counter tops and stainless-steel appliances.
In addition, 2701 North Andrews Property Owner sold the 7,336-square-foot retail building at 2701 N. Andrews Ave. for $500,000 to Andrews Ave Retail LLC, also managed by Greenwald. Built on the 18,766-square-foot lot in 1972, the building includes a salon and a food mart as tenants.
Deme Mekras of MSP Group brokered the deals.
Both the apartments and the retail building last traded in a single deal for $14 million in 2015. That means the properties more than doubled in value. That is a reflection of the rising rents in South Florida apartment complexes as more people move to the area.
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