Owens Realty Sells Treasures on the Bay Multifamily Complex for $82M
NORTH BAY VILLAGE, FLA. — Owens Realty Mortgage Inc. (NYSE: ORM) has agreed to sell Treasures on the Bay, a multifamily community located in North Bay Village, to an undisclosed buyer for $82 million.
Owens Realty Mortgage owns an 81 percent interest in the property, with the company’s manager, Owens Financial Group Inc., owning the remaining 19 percent.
The property, located approximately 10 miles away from Miami in North Bay Village, is comprised of 169 condominium units and 160 apartment units.
The community offers one-, two- and three-bedroom units ranging from 925 to 1,289 square feet. Unit amenities include ceramic tile kitchens and baths, European-style cabinetry, hurricane-resistant windows and sliding glass doors, marble counter-tops and floor-to-ceiling tinted glass.
Community amenities include a 24-hour fitness center, bayfront boardwalk, controlled access, surface parking, two bayfront pools and wireless hot spots.
“We are very pleased to put this property into contract,” says Bryan Draper, CEO of Owens Realty. “We recently completed substantial improvements to this property, further enhancing the company’s book value, and expect this sale will unlock significant embedded equity and provide cash for continued expansion of our lending operations and reduce our overall levels of debt.”
A $21.3 million loan was secured for the renovation of Treasures on the Bay in 2014, according to reports by the South Florida Business Journal.
Owens Realty Mortgage is a specialty finance mortgage company organized to qualify as a REIT that focuses on the origination, investment and management of small balance and middle-market commercial real estate loans.
Owens Realty Mortgage’s stock closed on March 21 at $14.96 per share, up from $14.57 per share a year ago.
— Katie Sloan