Residents of nearly 30 apartment buildings in South Beach and Bay Harbor Islands have a new owner with plans to renovate the units. Rent increases will likely follow.
New York-based investment management firm Sentinel Real Estate bought the 29 apartment buildings and one office building for $ 97 million from Miami Beach-based Boardwalk Properties in April. The units are now part of the Helios Apartments collection from Sentinel Real Estate.
According to Brian Ritter, the company’s chief executive, renovations to the 452 apartments could include improvements to kitchens and bathrooms. Once these are completed, “rents should be dictated by prevailing market rates,” he said.
According to the Helios Apartments Miami Beach website, current rates range from $ 900 per month for a 290-square-foot studio to about $ 2,000 per month for a 1,000-square-foot two-bedroom two-bath.
âThe Miami Beach portfolio was attractive to us and aligned with our proven investment strategy for a number of reasons,â Ritter said via email. âThe properties are located in a densely populated and historically protected area with a rental market whose supply is considerably limited, due to the high conversion rate of apartment buildings to condos.
Founded in 1969, Sentinel Real Estate is no stranger to South Florida. It acquired its first rental property in Miami in 1976 and has since invested in 15 buildings. With the Boardwalk acquisition complete, the company is looking to acquire more rental properties in South Florida.
Sentinel Real Estate manages 26,000 rental units across the United States, according to its website.
The current tenants of Helios Apartments Miami Beach are newcomers to the area and in some cases people who don’t plan to stay for long.
Others are long-term residents. A Spanish-speaking resident of a unit on Euclid Avenue, who asked to be identified only as Celso, did not appear to be aware that there was a new owner. A restaurant worker, Celso said he had lived in his two-bedroom apartment for eight years and paid around $ 1,800 a month for his family of six.
A tenant in a 15th Street apartment said she would likely start looking elsewhere if her rent went up. Imani Steward, 30, works as a yoga teacher and has lived in her classic Art Deco apartment building for the past three years, paying $ 1,475 for a one-bedroom apartment.
“It is not a job that always pays the most,” she said.
Still, she admitted that her previous owner had allowed parts of the building, including the laundry room, not to be repaired – and that the new owner had been more outgoing.
âAll of a sudden we started hearing from us,â Steward said.
Sentinel Real Estate will open a rental office at 1211 Alton Road and manage the following buildings:
âª 1606 West Avenue
âª 1600 west avenue.
âª 825 Alton Road
âª 1135 Eighth Street
âª 760-762 avenue Lenox
âª 705 Lenox Avenue
âª 715 Michigan Avenue.
âª 710 Meridian Avenue
âª 844-860 Euclide Avenue
âª 948-952 Meridian Avenue
âª 951 Jefferson Avenue.
âª 1017 Jefferson Ave.
âª 1025 Meridian Avenue
âª 1110 Pennsylvania Ave.
âª 1226 avenue Drexel
âª 1251 Euclide Avenue
âª 1326 Pennsylvania Ave.
âª 1336 Pennsylvania Ave.
âª 1348 Drexel Avenue
âª 1440 Euclide Avenue
âª 1455 Euclide Avenue
âª 1567 Meridian Avenue
âª 850 15th street
âª 700 Euclide Avenue
âª 9270 E. Bay Harbor Drive
âª 9200 E. Bay Harbor Drive
âª 10190 E. Bay Harbor Drive
âª 10150 E. Bay Harbor Drive
âª 1075 101st St.
This story was originally published May 28, 2021 at 7:00 a.m.