(To read more on the multifamily market, click here.)

MIAMI-Irvine, CA-based Atherton-Newport Investments LLC has acquired the 234-unit Asbury Park apartment complex at 17600 NW 5th Ave. for $15.4 million.

The seller was Hialeah Realty Group. Stephen Schubert, of Coral Springs-based Century 21 Tenace Realty, represented Atherton-Newport in the transaction. The company’s strategy for the property, constructed in the 1970s, is to reposition the underperforming asset, aggressively lease up the property at market rents and maximize the property’s value for its investors. Units with one bedroom and one bathroom currently rent for $700 to $750, units with two bedrooms and two bathrooms rent for $900 to $950 and units with three bedrooms and two bathrooms rent for $1,100.

This is the company’s second acquisition in Miami. It plans to acquire approximately 1,500 multifamily units in Florida over the next year. Atherton-Newport East Coast acquisitions director Nicholas Lizotte tells GlobeSt.com that property was attractive for acquisition because it had a substantial amount of deferred maintenance and a number of vacant units. The company plans to invest about $15,000 per unit to gut the interiors. “We also plan to add amenities and make it a gated community,” Lizotte says.

The location was also an important asset of the property. It is close to several major malls and sits just behind the newly developer Super Wal-Mart along the 441 corridor. “It’s in an area that is experiencing gentrification and we want to be a part of it,” Lizotte says.

The company currently owns properties in Southern California, Greater Las Vegas, Phoenix and Seattle, but is looking to expand its presence on the east coast. It is pursuing multifamily investment opportunities in the Greater New York area, including Northern New Jersey and Southwestern Connecticut; Washington, DC metro area, including Northern Virginia and Southern Maryland; and select Florida regions, Lizotte says.

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