Miami Gardens apartments sell for $78 million

A Miami real estate and development company recently sold a 33-acre multifamily property in Miami Gardens for $78 million. Ytech bought the 491-unit Lake House Apartments at 2545 NW 207th St. for $14.35 million in 2012. 

“Over the past decade, we are proud of having developed and redeveloped more than 7,000 apartments in 25 submarkets in the southeastern United States, including this Lake House community of Miami Gardens,” said Yamal Yidios (pictured), CEO at Ytech. “Our efforts have created thousands of direct and indirect jobs and have improved the quality of life of more than 20,000 residents, which is truly rewarding to us.”

The buyer is Greenstone Property Group of New York. Newmark was the exclusive marketing agent for the sale of Lake House Apartments, which presently houses more than 3,000 residents. The strategic location of Miami Gardens midway between Miami and Fort Lauderdale and its proximity to major employment centers attracts a consistent and qualified pool of tenants.

The sale may indicate a trend for the city, which has seen investment in multifamily projects this year, including a $38.3 million construction loan for 133 townhouses and 288 multifamily units earlier this month and a $50 million loan for another apartment project in January.

As for Ytech, the company will be hard at work over the following years. The company says it has more than $1 billion in condominiums and mixed-use projects (equating to 1.9 million square feet) in future development.

You May Also Like
Pompano Beach’s Comeback Coast

Reopening June 25 after a sweeping, multi-million-dollar renovation, the 219-room oceanfront property is more than refreshed—it’s redefined.

Read More
How Fort Lauderdale Is Courting Billionaires, Megayachts—and Messi

Spanning 40 acres of land and water, St. Regis Resort & Residences, Bahia Mar, is a $2 billion development.

Read More
Grupo Eco’s Atlantic Village Takes Shape in Hallandale Beach

The development of the project at 801 N. Federal Highway signals the city’s evolution into a hotspot for upscale living.

Read More
Sales Gallery Launches for the $2B St. Regis Resort & Residences, Bahia Mar, Fort Lauderdale

The property will encompass over 40 acres of waterfront property and incudes two 23-story residential towers plus a hotel.

Read More
Other Posts
Fort Lauderdale Housing Market Sees Major Shifts in June 2025

Despite rising prices and inventory, days on market are decreasing significantly year over year.

Read More
Developers Secure $160M for Waldorf Astoria Residences in Pompano Beach

The loan will fund construction of the first standalone residential property in Waldorf Astoria’s 100-year history.

Read More
High property taxes among the unpleasant costly surprises greeting wealthy transplants to Florida

Despite that fact, year-round sunshine, a lively social scene and the Florida lifestyle supersede the lack of cost savings.

Read More
New Hotel Proposed by Related Group and BH Group—Across from the Diplomat

The developers are proposing a 300-room hotel in Hollywood on the site of what is now a parking lot.

Read More