The Real Deal Miami

Investor Advenir buys Miami Gardens apartments for $45M

October 07, 2013 03:05PM


Berkshires at Walden Lake in Miami Gardens

Aventura-based multi-family investor Advenir bought a 368-unit rental complex in the Miami suburb Miami Gardens for $45 million.

The company had obtained a $35 million, 10-year loan from CBRE Capital Markets for the property Berkshires at Walden Lake, located at 899 Northwest 214th Street. The seller was BVF Lakes Edge Partners LP, which is run by Boston-based Berkshire Property Advisors LLC.

Monthly rents at the complex range from $1,004 to $1,451. Units range from 900-square-foot one-bedrooms to 1,200-square-foot three-bedrooms. The complex was built in 1987 and sits on more than 20 acres.

In January, Advenir acquired $39.3 million in financing to buy Aero Flats, a multi-family community in Denver, Colo., as previously reported. [Daily Business Review]Mark Maurer