North Beach’s Ocean House apartments hit the market for $50M

Yamal Yidios, 7780-7810 Tatum Waterway Drive

One of Miami Beach’s largest apartment complexes is hitting the market with a target price of $50 million.

Miami-based developer and investor Ytech is listing Ocean House, a 186-unit garden-style multifamily property at 7780-7810 Tatum Waterway Drive in Miami Beach’s North Beach area.

Cushman & Wakefield’s Calum Weaver, Robert Given, Zachary Sackley, Troy Ballard, Perry Synanidis and Garrett Pordes have the listing.

The property has over 750 feet of water frontage. The apartments are 97 percent occupied, according to a release. They were built from 1948 to 1961, records show.

The property could be redeveloped or converted into condos, according to the release. The new owner could also build a marina for up to 57 boat slips and convert 80 units to short-term rentals.

Ytech purchased the property for $27.1 million in 2015, records show. Ytech has spent $13 million on renovating the property over the past few years, according to the release.

Ytech has developed and redeveloped more than 7,000 residential units in 25 cities in the southeastern United States, according to its website. It is led by Yamal Yidios. In 2017, the company bought the BankUnited building at 1428 Brickell Avenue in Miami’s Brickell neighborhood in a deal valued at $50 million.

The post North Beach’s Ocean House apartments hit the market for $50M appeared first on The Real Deal Miami.

from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/08/17/north-beachs-ocean-house-apartments-hit-the-market-for-50m/
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