Sentinel Real Estate recently purchased 30 buildings in South Beach and Bay Harbor. In total, the firm bought 29 apartment buildings and one office building for a total of $97 million. The new owner of the 30 buildings in Miami Beach is planning to renovate the units. However, this might mean increases in rent for the residents of all the buildings. Right now, current rents in the area range from $900 per month for a 290 sqft studio, to about $2000 per month for a two bedroom unit.
The new owner is planning on renovating the 452 apartments. In fact, these renovations might include upgrades to kitchens and bathrooms. The properties lie within a densely populated area that has a rental market with a supply constrain. Therefore, the portfolio was an attractive investment for the firm. Right now, Sentinel Real Estate manages 26,000 rental units across the US.
For a full list of the 30 buildings in Miami Beach, check out the original article here: https://www.miamiherald.com/news/business/real-estate-news/article251163174.html
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