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Classic South Beach Apartments Find a Buyer

Yet another round of South Beach properties have recently sold.  A collection of fifteen apartment buildings in the area—considered to be one of the few remaining bastions of working class housing—were sold last week for the price of $59 million to a company called Boardwalk Properties FL.

Boardwalk Properties already has plans in store for apartments, which the private company intends to improve and renovate.  The apartments comprise a total of 240 units and there are also plans to boost the current rent by up to fifty percent.  This significant rent increase could mean that tenants may need to move.  For example, a one bedroom apartment can cost upwards of $1,100 a month in rent.

The rent increases appear to be deliberate, with the owner of Boardwalk Properties stating the prices will see people like attorneys move into the apartments that date as far back as the 1920s.  The renovated apartments will appeal to those that are interested in becoming residents of Miami Beach but would prefer not to live in one of the city’s several high-rises.  The company currently owns over 600 apartments in Bay Harbor Islands as well as Miami Beach and with this deal it now becomes the largest apartment landlord in the South Beach area.

The apartments purchased by Boardwalk Properties are found between 7th and 15th Street.  The company will be modernizing them, but promises that they will maintain the Art Deco facade.

This update is presented by Miami Beach Realtor Tim Allen of Blackstone International Realty, specializing in Continuum South Beach.  If you are interested in Miami Beach condos such as the Continuum condos for sale, call Continuum expert Tim at 305-588-2451 for information on sales and rentals.