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The new project was just approved by Miami Beach’s  Design Review Board. The development will be located at 7637 Carlyle Avenue and will have units with about 1,200 square feet and private rooftop terraces. The owners haven’t decided if they will do rentals or put the units up for sale.

The Argentinian investors scored a house that was previously built there and studies show that out-of-state investors are also scooping up existing low-rise apartment complexes in North Beach and . In April, Mangum Holding Company acquired the Pierre on the Bay multifamily property at 2050 Bay Drive for $15.2 million for the 70-unit apartment community.

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