Miami River Inn sells for $8.6 million

Publication: South Florida BusinessJournal

Title: MiamiRiver Inn sells for $8.6 million

By Emon Reiser  –  Digital Producer, South Florida BusinessJournal

Apr 21, 2015, 11:45am

The Vagabond Group, a company led by developer Avra Jain, has purchased the historic Miami River Inn hotel.

Aztec Group represented Jain's company and announced the sale of the58-unit property this week, which sold for $8.6 million — up 105 percent from its previous sale price of $4.2 million in July 2013, according to Miami-Dade County property records.

The seller was Miami River Inn Holdings, a company affiliated withHabitat Group, which was represented by AlfonsoJaramillo of Fortune International Realty.

The new owner, Jain, was behind the renovation of the 45-room VagabondMotel in Miami's MiMo District, which reopened last fall.

"This transaction is an indication of Miami’s growth around its main artery and namesake, the Miami River. Bringing such an important property back to life will only further activate the already pulsating river corridor,"said Jason Katz, vice president at Aztec Group in a news release.

The Miami River Inn is at 437 S.W. 2nd St. in Miami. It was built in1906.