International JV Acquires Bay Harbor Island Apartments (Miami Beach, FL) for $12.5 Million
BISWIRE/Sept. 12, 2023 — A Joint Venture between the U.S.-based SOLU Real Estate (Lutz Real Estate Investments and Northern Equities Group), and the Canadian based 3T Equity, has acquired Bay Harbor Island Apartments, a 34 Unit Apartment Community located on Bay Harbor Island’s premier 98th Street, a short walking distance to the prestigious Bal Harbor Mall and Surfside Beach.
17 apartment units are located on the north side of 98th Street at 9800 East Bay Harbor Drive. These 17 units include a mix of long-term and furnished short-term rentals. The balance of 17 apartment units is spread over three buildings on the south side of 98th Street, specifically at 9770-9790 East Bay Harbor Drive and 1050 98th Street.
“The acquisition of Bay Harbor Island Apartments represents an excellent opportunity for SOLU Real Estate to further expand our potential development portfolio in South Florida,” commented Adam M. Lutz of Lutz Real Estate Investments. “The Sosin/Lutz team intends to utilize our core skill set to create additional value through a combination of near-term rebranding with the potential future development of these properties.”
“We are thrilled to have acquired a first in what we anticipate will be a series of acquisitions in this supply constrained area,” stated David J. Goldstein. “Having visited the immediate area for the past 40 years, I’ve witnessed first-hand the massive appreciation and continued redevelopment of the island. We look forward to contributing to its successful transformation by partnering with Adam and Matt.”
Bay Harbor Islands is located at the north end of Miami Beach, bordered by North Miami on the north side, to the east by Bal Harbour and Surfside, to the south by Indian Creek Island and connected to the mainland by the Broad Causeway at NE 123rd Street. Bay Harbor Islands is a two-island city, one island consisting of multi-family housing and a small business area offering the residents a complete selection of products and services, and the other predominantly for single-family homes. Bay Harbor Islands is a vibrant, private community of magnificent homes and luxury condos boasting some of the best-rated public schools in Miami Beach and only a short distance from the exclusive, nearby cities of Bal Harbour and Surfside.
SOLU Real Estate - SOLU Real Estate (www.SOLUEnterprises.com) combines the resources of two national real estate firms, each spanning 50+ years. Lutz Real Estate Investments (www.Lutzinvestments.com), led by Adam M. Lutz, and Northern Equities Group (www.NOREQ.com), led by Matthew Sosin, are second-generation developers who are continuing and expanding upon each of their family legacies.
3T Equity - Founded in 2010 by David J. Goldstein, Lawrence Moskovic and Jordan Rich, 3T Equity Partners (www.3tequity.com) is a real estate investment firm based in Toronto, ON.
Miami-based, JMK Property Management (www.jmkpropertymanagement.com), led by Mehdi Khachani, has been awarded the day-to-day management of the entire community along with leasing the long-term rental units.
Leasing of furnished short-term rentals are managed through Miami-based Zen Vacation Rentals (www.zenvacationrentals.com), led by David & Laurie Lederman.
