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Lurra Capital Buys Miami Apartment Complex For $6M

For the second time in two weeks, a boutique apartment complex in a Miami residential neighborhood sold for more than $6M ....

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Harbor Group International Finances Miami Hotel-to-Multifamily Conversion

Harbor Group International Finances Miami Hotel-to-Multifamily Conversion
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Hersha Sells Coconut Grove Hotel to AB Asset Management

Hersha Hospitality Trust sold a Marriott-branded hotel in Coconut Grove for $31 million,
The Real Deal has learned.
The Philadelphia-based hotel real estate investment trust sold the three-building, 140-unit Residence Inn by Marriott to AB Asset Management, led by Getzy Fellig and Sam Zalmanov. The Miami Beach-based buyer plans to upgrade the property at 2835 Tigertail Avenue in Miami and convert it to multifamily, Fellig and Zalmanov said.
AB Asset Management financed the deal with a $27.5 million bridge loan from Harbor Group International, arranged by FM Capital’s Joe Back.
The hotel sold for about $221,000 per unit.
Avison Young’s John K. Crotty, Michael T. Fay, David Duckworth, Brian C. de la Fé, Emily Brais and Berkley Bloodworth represented the seller. ....

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