New York firm sells Miami Gardens apartment complex for $23M

New York based AION Partners sold an apartment complex in Miami Gardens for $22.7 million.


Records show an affiliate of AION sold the Park Plaza Apartments, a 13 building community at 17600 Northwest Fifth Avenue, to EB Park Plaza LP, a company controlled by Benny Tenenbaum also of New York.

AION recently sold its other South Florida property, the Serrano apartment complex in West Palm Beach, for $26 million in June. The investment firm bought both sites out of foreclosure, and financed both properties with a $33.5 million loan last spring to repay debt and for renovations.

Before AION bought the 234 unit Miami Gardens community in 2010, it sold for $15.4 million in 2006. Built in 1972, the 8 acre property has one, two and three bedroom apartments. Units include updated interiors, kitchens with granite style countertops and central air conditioning, according to the Park Plaza’s website.

The deal breaks down to $97,000 per apartment.

The buyer financed its purchase with a $19 million mortgage from Arbor Commercial Funding I.

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