On January 6, 2023, affiliates of Gumenick Properties completed the nearly $300 million dollar sale of Southgate Towers and The Shoppes at West Avenue, located at 910 and 959 West Avenue, Miami Beach, to Southgate Towers, LLC, a wholly owned subsidiary of the Denver-based real estate investment trust, Apartment Income REIT, L.P.

A portion of the sales price was paid in partnership common units in Apartment Income REIT, L.P. Built in the late 1950's by Gumenick Properties, Southgate Towers consists of a pair of 14-story buildings on 4 acres in South Beach, overlooking Biscayne Bay and Miami. The Shoppes at West Avenue, which sits directly across the street from Southgate Towers, features a vibrant community hub with restaurants, commercial retail space, storage units, and over 600 on-site garage parking spaces. The purchase of the properties, which equates to approximately $600,000 per unit, represents a hefty investment in South Florida's retail apartment community.

Gumenick Properties was represented by a team of attorneys from national law firm, Akerman LLP, led by Alan S. Cohen, Neisen Kasdin, Elissa Weiss, Rachel Perez, Ian Bacheikov, Stacy Bohm, and Nicholas Barshel.

About Akerman

Akerman LLP is a top 100 U.S. law firm recognized among the most forward-thinking firms in the industry by Financial Times. Its more than 700 lawyers and business professionals collaborate with the world’s most successful enterprises and entrepreneurs to navigate change, seize opportunities, and help drive innovation and growth.

Akerman’s Real Estate Practice Group is consistently distinguished as one of the leading teams of real estate lawyers and development professionals in the United States. Our longstanding record of success on behalf of our clients has been acknowledged by U.S. News – Best Lawyers, Chambers USA, The Legal 500, and Law360, among others. We are known for our “business acumen and prompt attention to matters” (The Legal 500) and our “deep bench of attorneys experienced in guiding clients through all aspects of real estate law.” (Chambers USA)