April 29, 2014
Russian mining oligarch and developer Oleg Baybakov continues his Edgewater land-banking spree with three recent property acquisitions totaling about $7.4 million.Baybakov-managed 700 Edgewater Development picked up an 18-unit apartment building,small house and vacant
multifamily property in three transactions that closed on April 16 and 17, according to Miami-Dade County records. The properties are located at 601 and 667 Northeast 26th Street and 614 Northeast 26th Terrace in the rapidly-growing Miami neighborhood.
Maria Rouco sold 700 Edgewater the small home for $4 million. The 7,040-square-foot parcel’s zoning allows for a 36-story multifamily building, according to the Miami-Dade property appraiser’s website.
Miami-based Rodriguez & Company Inc. is the seller of the apartment building and 5,000-square-foot multifamily parcel. Those properties sold for a combined $3.4 million.
Before the latest acquisitions, Baybakov’s company spent more than $30 million for less than 1.7 acres in three deals that closed between February 21 and March 28. Its first Edgewater investment was the $21.5 million purchase of a 12-story apartment building on a 37,500-square-foot property. The previous owner wanted to build a 39-story condo tower called MBay on the land.
Baybakov’s company now owns six parcels in the Miami neighborhood.
Source: The Real Deal