Spinnaker Cove apartments sold for $17M

Wednesday, September 2nd, 2015

Source: BizJournals.com

The Spinnaker Cove affordable apartment complex near Hialeah sold for $17.1 million.

Affordable housing developer Stuart I. Meyers is a co-investor of both the buyer and seller.

Park View Estates, a Hollywood-based company affiliated with Cornerstone Group with Meyers and Jorge Lopez as managers, sold the 220-unit complex at 19000 N.W. 57th Ave. to Spinnaker Cove Associates, a Coral Gables-based company affiliated with SIM Holding Group, managed by Meyers.

The buyer obtained a $15 million mortgage from Pillar Multifamily and assumed the $4.68 million remaining on an affordable housing development loan from Miami-Dade County.

The price equates to $77,727 per unit.

The 167,526-square-foot affordable housing complex was built on the 9.6-acre site in 1997 by Cornerstone Group. It has 427 bedrooms.

Source : bizjournals.com

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