The Real Deal Miami

Priderock closes on new Jupiter apartments: $42M

South Florida's multifamily market has been hot over last year

February 22, 2016 12:45PM
By Sean Stewart-Muniz

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The Dakota at Abacoa apartment complex in Jupiter

The Dakota at Abacoa apartment complex in Jupiter

UPDATED Feb 29. 5:43 p.m.: Priderock Capital Partners just picked up a recently built apartment complex in Jupiter for $42 million.

The deal includes Dakota at Abacoa, an apartment community with 190 units that were built in 2014. It sits on just over six acres of land at 3334 Bismark Lane in a residential section of western Jupiter.

Priderock, a real estate company based in West Palm Beach, bought the apartments from partners Index Investment Group and Eastwind Development. The sale, which was financed with a $26.25 million loan, breaks down to $221,052 per unit. According to data from the CoStar Group, the complex has an average asking rent of $1,784 per month. Its units are an average of 1,243 square feet.

Some of Dakota’s amenities: club house, conference room, fitness center, pool and a poolside lounge to go with it.

Eastwind and Index paid only $1.2 million three years ago for the land where it built Dakota.

Eastwind is headquartered in Palm Beach Gardens and focuses on the development of new apartment complexes in South and Central Florida, according to its website. Index, on the other hand, is a real estate investment group based in Jupiter. Their ownership split was 82.5 percent and 17.5 percent, with Index having the majority.

South Florida’s multifamily market has recently proved to be an attractive buy for institutional and private investors alike. In the last year, $2.8 billion worth of apartment complexes traded hands in South Florida.

Priderock closed another $44 million deal for a Lauderhill apartment complex in August of last year. The development and management firm rehabilitated the complex after it was hit by Hurricane Wilma and sold it to an affordable housing investment fund based in California.