Miami, FL – Boardwalk Properties, a privately-owned multifamily ownership group based in Florida, has purchased a 240-unit apartment portfolio in South Beach for $59 million, located among 15 properties between 7th and 15th Streets. With this transaction, Boardwalk Properties now has with over 700 apartment units in its portfolio. Veteran Real Estate attorney Neil S. Rollnick, a partner with the law firm of Hinshaw & Culbertson, represented Boardwalk Properties in this transaction.
Transaction represents the Largest Apartment Portfolio Purchase on Miami Beach.
“Boardwalk Properties is extremely committed to Miami Beach and supportive of the City’s revitalization and beautification efforts. We look forward to playing our part in this process.” said Adam Walker, Principal of Boardwalk Properties. “Our vision for the newly acquired properties is to make them modern, secure and efficient for tenants to live in for the long term,”
With a focus on quality of life and security, Boardwalk Properties invests in its rental properties and has a strong local presence. In this purchase, the art deco façade of the properties will be preserved. Property improvements include new roofs, painting the exterior and common areas, adding central air conditioning, hurricane impact windows and doors, video cameras for security, laundry services, energy efficient toilets, upgrading electrical and plumbing, re-landscaping, etc. To ensure a smooth transition for tenants, Boardwalk Properties will keep the existing property management company in place.
“The transaction was complicated because there were 15 separate and individual properties and multiple sellers involved,” said Neil S. Rollnick, Partner at Hinshaw & Culbertson. “There were also individual issues pertaining to each property not to mention the overall complexity of closing a transaction involving 15 properties with one lender on a single day.”
Two years ago, Rollnick provided legal representation to the seller in what was previously the largest apartment portfolio transaction on South Beach – a $22,150,000 sale of eight properties totaling 113 multi-family units on South Beach spanning a total of 69,583 square feet, also acquired by Boardwalk Properties.
Rollnick, a Partner in the firm’s Real Estate and Lending practice, has more than four decades of experience in business law with particular emphasis in real estate sales and acquisitions, commercial real estate and real estate-secured and asset based institutional loans, commercial leases, corporate and partnership transactions and business matters. He also serves as an expert witness in the areas of real estate transactions, secured lending practices, condominium law and the performance of due diligence under real estate purchase and sale agreements.
The properties in this portfolio are located at:
• 700 Euclid Avenue
• 715 Michigan Avenue
• 951 Jefferson Avenue
• 1017 Jefferson Avenue
• 1025 Meridian Avenue
• 1135 8th Street
• 1226 Drexel Avenue
• 1251 Euclid Avenue
• 1326 Pennsylvania Avenue
• 1348 Drexel Avenue
• 1455 Euclid Avenue
• 948-952 Meridian Avenue
• 1336 Pennsylvania Avenue
• 1440 Euclid Avenue
• 1110 Pennsylvania Avenue
About Boardwalk Properties
Boardwalk Properties FL. LLC is a privately-owned multifamily ownership group managed by Adam Walker and owned and controlled by the Gober and Walker Family Trusts. Their portfolio consists of over 700 multifamily residential units growing in South Beach, North Beach and Bay Harbor Island. Boardwalk Properties is focused on the strategic acquisition, improvement, maintenance and management of multifamily residential properties in Miami Beach, with the goal of enhancing the overall rental experience of their tenants through improved quality and security. For more information, visit www.boardwalkpropertiesfl.com.
Hinshaw & Culbertson LLP
Hinshaw & Culbertson LLP is a full-service national law firm providing coordinated legal services across the United States, as well as regionally and locally. Hinshaw lawyers represent businesses, governmental entities and individuals in complex litigation, regulatory and transactional matters. Founded in 1934, the firm has 525 attorneys in 22 offices located in Arizona, California, Florida, Illinois, Indiana, Massachusetts, Minnesota, Missouri, New York, Rhode Island, Wisconsin and London. For more information, visit www.hinshawlaw.com.
