The Real Deal Miami

Advenir buys Miami apartment complex for $53M

Community was built over former trailer park, which was demolished

June 20, 2016 08:45AM
By Sean Stewart-Muniz

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Alta mira (Inset: Advenir President and CEO Taylor Rismiller)

Alta mira (Inset: Advenir President and CEO Taylor Rismiller)

Aventura-based Advenir, an investment company that specializes in trading apartments, just made a deal close to its home.

The firm paid $52.7 million to developer Wood Partners for a Miami rental community built less than five years ago.

The deal covers Alta Mira, a garden-style community with 240 units at 12010 Northeast 16th Avenue. Built in 2013 by Wood Partners, the complex has a variety of amenities like a community pool and clubhouse, fitness center, pet park and a computer lounge.

Its units range in size from 733 square feet to 1,319 square feet, with asking rents starting at $1,455 and going all the way up to $2,340 per month. Their interior finishes include carpeting, in-unit washer and dryer, modern appliances and ceramic tiles for both the bathrooms and kitchen.

In order to build Alta Mira, Wood Partners bought out the owners of trailer park that spanned nearly 10 acres for a combined $5.1 million in 2007, according to county records. The multifamily developer quickly razed the mobile homes, and construction began five years later in 2012.

Now, Wood has sold its community to Advenir for $219,583 per unit. As of Sunday, Alta Mira’s website was down. Advenir made its purchase through an affiliate company called Advenir@Biscayne Shores, likely signalling the community’s name will change.

Advenir financed its purchase with a $38.67 million loan from CBRE Capital Markets, according to county records.

The company, founded in 1996, has a portfolio of roughly 7,400 units located throughout the U.S. and valued at $550 million, according to its website.

Multifamily properties are hot commodities in South Florida: last year, an incredible $2.8 billion worth of rental properties traded between developers and investors in the region.