The Real Deal New York

Yonkers-based AVR Realty pays $79M for South Florida rentals

Purchase is region's second-priciest multi-family deal of 2014
By Eric Kalis | July 07, 2014 11:05AM

From the South Florida website: Yonkers, N.Y.-based investment firm AVR Realty Company picked up Davie’s Elan 33 West apartments in one of South Florida’s most expensive multifamily trades of 2014, The Real Deal has learned.

The firm paid about $79 million for the 6300 Southwest 24th Place apartment complex in a transaction recorded on Thursday, according to Broward County records. AVR obtained a $51.2 million loan from CBRE Capital Markets for the acquisition. The mortgage matures in August 2024.

CRP-GREP College Crossings of Houston sold the 376-unit community to AVR. The company, which is tied to Greystar Real Estate Partners, paid about $10 million for the land in June 2012 and finished construction of Elan 33 West last year.

The Elan 33 transaction is the priciest involving a Broward County apartment complex in 2014. At $79 million, the deal falls just short of the $80.5 million sale of the San Marco at Broken Sound community in Boca Raton as the most expensive in South Florida this year. That sale was recorded last month.