MIAMI, FL - Faith Investment Properties Group (FIP) announced that it recently sold three apartment properties with 310 units for $28 million. The investment company had marketed this exclusive offering through their Affiliate Brokerage FIP Realty Services, a portfolio of nearly 700 rental units throughout North East Dade County. The Investment company has a consistent track record of making struggling properties new, vibrant, and valuable once again. Acquiring commercial properties that have significant upside has helped the FIP group build a strong portfolio and a solid reputation in the property market.
"Acquiring distressed assets and turning them around is a unique attribute that Faith Investment Properties specializes in," says Kevin Faith, Managing Director of Faith Investment Properties LLC. "This particular investment managed to bring a 300% return, and we will continue to invest in South Florida where we see unique and add on value opportunities."
The three recently sold properties are Grand Island Place I and II, and Aventura Brentwood Apartments.
Grand Island Place, at 1495 to 1551 Northeast 167th Street, is a two-building, eight-story complex. It sold for $16.5 million and includes 200 apartments on 2.8 acres. It's last sale price of $6 million was in July of 2010. There is also a commercial component of retail space of 15,000 sq ft on the ground level, which includes a café, hair salon, newly signed pediatrician and the realty division are currently working to bring a well-known local daycare operator to lease 5,500 sq ft. Broker Roy Faith of FIP Realty Services says “Bringing a daycare operator to the building makes perfect sense for the community, the residents of the building and the city itself. We are working hand in hand with the City to make this happen.” The new operators of the building are very excited to be taking over the new projects.
Grand Island Place II sold for $5 million, and includes 60 apartments. The building was constructed in 1959 and last sold for $3.2 million in November of 2012.
Aventura Brentwood Apartments, at 2350 Northeast 173rd Street, offers a 59,382-square-foot building that was constructed in 1969. It was last sold for $2.9 million in July of 2004 and recently traded for $6.5 million. Located just a block west of Marina Palms Yacht Club & Residences, it is a popular location for many residents. The buyer is Grand Island Square, and is affiliated with Grove Island Property Management. Local Realtor Felice Mehaber is listed on Grand Island Square's corporate records.
Faith Investment Properties are based in Aventura, Florida where they hold a wide range of Investments including Multifamily, Retail Plazas, and Office buildings within the Tri County area.