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Miami Gardens apartments sell for $78 million

| Keren Moros

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.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.