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 the 58-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 with Habitat Group, which was represented by Alfonso Jaramillo of Fortune International Realty.
The new owner, Jain, was behind the renovation of the 45-room Vagabond Motel 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 in 1906.
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