Marc Shulman sells Normandy Isles building to French family office

Posted :
May 15, 2020
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As reported in The Real Deal.

Investor Marc Shulman sold a Miami Beach apartment building in Normandy Isles to a family office from France for $9.25 million, according to agents involved in the deal.

Shulman’s Duval Apartments LLC sold the 49-unit building at 2101 Normandy Drive to Alston LLC, a company led by Riad Belarbi. The deal closed last week, said Samuel Heskiel of Beachfront Realty’s Deco Group. Heskial’s team is led by Marilina Apfelbaum, Yaacov and Shlomo Poston. The agents, along with Michel Sabbah, brokered the deal, which closed during the pandemic.

The off-market deal breaks down to about $189,000 per door. Only one unit was not leased at the time of the closing, and the units rent for an average of $1,300 a month, Heskiel said. The building, built in 1959, includes studios, one- and two-bedroom units.

The buyer plans to renovate the apartments, according to Heskiel. The 45,513-square-foot building sits on a 33,620-square-foot lot.

It last sold in 2013 for $5.1 million.

Normandy Isles in North Beach is just northeast of North Bay Village, south of Indian Creek Village and west of the beach. The owner of the International Inn at 2301 Normandy Drive has been planning an expansion of the historic property.

In July, rapper Lil Pump paid $4.6 million for a new waterfront home on the nearby Bay Drive.