Boston Investor Pays $21M for Vermillion Apartments

MIAMI-Boston-based investor Sawyer Realty Holdings Inc. has purchased Vermillion Apartments in Miami Lakes, FL from Jupiter Realty Corp. of Chicago for more than $21 million. The price of the 330-unit community translates to $63,636 per unit.

The property, which Jupiter bought in 2000, was built in 1986 and 1987. It is located on Miami Gardens Drive, just west of Interstate 75. Vermillion Apartments consists of six, five-story buildings that total 300,300 sf. The property was 94% occupied at the time of the sale.

Michael Stein, managing director of Aztec Group Inc., a real estate investment and merchant banking firm based in Miami represented Jupiter in the transaction. There was no co-broker.