Real estate investor Yoram Izhak bought a townhome rental complex in southwest Miami-Dade County for $67 million.
An entity managed by Izhak, CEO of North Miami-based IMC Equity Group, and IMC investor Alan Lipton, acquired Seascape Pointe Apartments at 1140 Southeast 24th Road in Homestead, according to records and Vizzda. The buyer secured a $48.5 million Fannie Mae mortgage through Santander Bank.
The deal breaks down to roughly $218,000 per townhome.
Completed in 2008, Seascape is a collection of 50 townhome buildings with 306 units on 23.7 acres, records show. The seller, a joint venture between Miami-based Mast Capital and New York-based global investment firm Angelo Gordon & Co., paid $50 million for Seascape in December 2020. The partnership sold it for $17 million more after owning the property for a little over two years.
Seascape is near Venice at Crystal Lakes, a condo complex in which IMC owns 82 units, and a 160-unit apartment building, also owned by IMC, said Carlos Segrera, the firm’s chief investment officer.
“Today’s environment is challenging and the debt markets are complicated, so it is difficult to make deals that make sense,” Segrera said of the Seascape acquisition. “This one made sense. At $218,000 a unit, that’s not bad at all.”
Seascape is close to fully occupied, and the average asking rent is roughly $2,000 a month, Segrera said. Apartments.com shows 13 three- and four-bedroom townhomes are currently available at monthly rents between $2,250 and $2,650.
Following its founding in 2000, IMC focused more on retail and industrial properties, but roughly two years ago Izhak wanted to diversify the company’s holdings, Segrera said. “We have been focusing on multifamily,” he said. “We now have 1,300 units.”
In 2021, an IMC affiliate paid $37.5 million for the Venice at Crystal Lakes condos and apartment building, records show. The same year, other Izhak-controlled entities acquired portions of the shuttered Johnson & Wales University campus in North Miami for a combined $29.2 million. The purchase included a golf management center, a student apartment building, a parking lot and a vacant lot.
Last year, IMC sold 3 acres of the former college campus to the Related Group for $13.6 million. Related plans to build Manor Biscayne, an eight-story apartment project with 382 units.