Galium Capital Pays $28.7M for North Miami Beach Apartments
Galium Capital paid $28.7M for the 156-unit Arbors Aventura in North Miami Beach, a value-add trade that sets the market's going-in basis per unit.
Galium Capital has paid $28.7 million for the 156-unit Arbors Aventura apartment complex in North Miami Beach, picking up the three-story, four-building property at 2365 NE 173rd Street for renovation as a value-add play, according to The Real Deal. The Miami investment firm, led by Jacques Bessoudo and Iser Rabinovitz, is buying from an affiliate of Corinthian Capital Real Estate Partners.
Why it matters
A clean, named-buyer trade for an occupied 1969-built rental complex gives developers and buyers in South Florida a current, verifiable basis for underwriting the next North Miami Beach multifamily deal. Value-add buyers pricing renovation plays in this corridor now have a real comp instead of an asking price, and the direction of that comp, down, matters as much as the headline number.
The numbers
Miami-Dade’s property record for folio 07-2209-016-0010 shows Galium’s $28.7 million price works out to $183,974 per unit across the complex’s 156 apartments. The same property last traded in March 2022 for $35.2 million, or $225,641 per unit, when Wiener Woods Apartments LLC sold it to an entity tied to Corinthian Capital Real Estate Partners, a deal recorded in Official Records Book 33074, Page 3045. That puts the per-unit basis down roughly 18.5% in four years, even as the county’s own 2026 assessed value sits at $25.1 million. The complex, built in 1969 on a 222,025-square-foot lot, was part of a three-property, $82 million South Florida apartment portfolio Corinthian Capital assembled in 2022 with partners Triangle and Mavik Capital Management.
What’s next
Galium plans renovations to reposition the property, the kind of value-add bet that depends on buying in below replacement cost. With the per-unit basis now on record at under $184,000, other North Miami Beach owners weighing a sale, or buyers weighing a bid, have a fresh, sourced number to underwrite against rather than guessing from list prices in a market where nothing comparable has traded recently.