MIAMI BEACH-Palm Beach Gardens-based Ram Real Estate has sold the Alton Pointe apartments at 1950 Michigan Ave. in Miami Beach for $20.44 million. An affiliate of Ram Real Estate took control of the property three years ago after 750 Jefferson Avenue LCC, the previous owner, filed for bankruptcy protection over a $12.8-million mortgage on the apartment complex.
Alton Michigan, the Ram Real Estate affiliate, sold the 118-unit complex to Alton Pointe LLC on April 24. The multifamily property is 96% occupied. For the full story, go to South Florida Business Journal .
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