Interwest Capital Corp. has acquired the multifamily property Treasures on the Bay in the Miami submarket of North Bay Village for $75.5 million. The sale of the 329-unit property included 169 condo units, 160 apartment units and related land and assets. Located at 1900 S Treasure Drive, the community offers one-, two- and three-bedroom units ranging from 925 to 1,289 sqf. Common amenities include a 24-hour fitness center, a bay front boardwalk, surface parking, and two bay front pools. The sellers were entities affiliated with Owens Realty Mortgage.
“We are very pleased to have completed the sale of these properties as it was one of our largest assets and provides capital to our lending operations,” said Bryan H. Draper, Owens Realty Mortgage CEO. “Although it has taken several years to realize the value in these properties, the sale resulted in a gain to the company of approximately $15.6 million and added $1.52 per share to book value.” He said the deal would also provide the company with $32.9 million in cash while helping it retire some debt. “We expect to reinvest and leverage these proceeds in the near term to expand our loan portfolio and increase earnings,” said Draper. “Subsequent to this sale, we have decreased our real estate holdings from approximately 54% to approximately 39% of total assets.”
