SUNNY ISLES BEACH, FL-Herrick Group LLC, a Cedarhurst, NY-based real estate investment fund, has partnered with an unidentified Israeli group to acquire the Empress House, a seven-story, 75-unit waterfront multifamily rental property on Collins Avenue. It pays $12 million, or $160,000 a unit, to the owner, identified only as Canadian.
The asset occupies a full block across from Trump International Sonesta Beach Resort and is two blocks from the ocean. The new owner plans major renovations for condo conversion. Sunny Isles Beach, once a part of Miami, is now a distinct municipality.
According to a statement, Herrick's partner in this project has converted six other South Florida multifamily rental properties to for-sale condos. Herrick acquired Inverrary Gardens in Lauderhill outside Fort Lauderdale in November 2003. Calls to Herrick were not returned.
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