Canadian investors scooped up a pair of mid-rise apartment buildings in Bay Harbor Islands for $22.5 million.
Entities tied to Toronto-based Westdale Properties bought the Rexleigh building at 9881 East Bay Harbor Drive and the Kingsley Arms building a few blocks south at 9291 East Bay Harbor Drive for $11.25 million apiece, according to deeds and state corporate records. The buying entities are led by Mitchell Cohen, as well as Roland and Ryan Kimel, director of operations at Westdale.
Ownership entities managed by Harry and Genia Bruder sold both buildings and provided $5.6 million in financing for the Rexleigh deal.
The 20-unit Rexleigh was constructed in 1963 and the 24-unit Kingsley Arms in 1966, property records show, meaning the approximately 60-year-old properties sold for over $500,000 per unit. Each building rises five stories on a half-acre lot.
Multifamily and condominium developers have zeroed in on Bay Harbor Islands, where roughly a dozen planned projects will bring about 400 residential units to the waterfront community.
Ian Bruce Eichner’s Continuum Company will develop a pair of eight-story condo buildings, one with 68 units and another with 57, at 9201 and 9461 East Bay Harbor Drive. The 68-unit building is sold out after sales began in October.
Ugo Colombo’s CMC Group and Morabito Properties are developing the Arquitectonica-designed, eight-story Onda Residences with 41 units at 1135 103rd Street, and Clara Homes plans the three six-story Clara Bay Harbor apartment buildings on non-contiguous lots at 10200 and 10290 East Bay Harbor Drive, 10281 West Bay Harbor Drive and 1147-1163 100th Street.