The Real Deal Miami

RAIT Financial sells Miami Gardens apartments for $36M

Price breaks down to $104,000 per unit
By Katherine Kallergis | November 10, 2016 04:30PM

The Ellington complex. Inset: listing broker Peter Mekras

The Ellington in Miami Gardens. Inset: listing broker Peter Mekras

RAIT Financial Trust has sold a bulk apartment and condo property in Miami Gardens for $36.2 million to a private investor.

The 347-unit deal includes 260 apartments and 87 condos within a 412-unit complex at 701 Northwest 210th Street and 21010 Northwest Seventh Avenue, CREC Senior Vice President Peter Mekras told The Real Deal. The property, called the Ellington, was built in 1974. The sale price breaks down to $104,000 per unit.

The complex is on County Line Road, just west of US 441.

CREC listed the property, receiving more than 200 inquiries during the bidding process, according to a press release. Mekras declined to name the buyer, but said the investor was not represented by a broker.

Records show Ellington Development Florida LLC, a RAIT entity, paid nearly $32 million for the apartment component in 2011. RAIT also sold an apartment portfolio near Miami Executive Airport in December for $17.5 million.

South Florida’s multifamily market has seen billions of dollars’ worth of deals trade this year.

In August, AION Partners sold an apartment complex in Miami Gardens to a company controlled by New Yorker Benny Tenenbaum for $22.7 million, or about $97,000 per apartment. 

While rent growth is starting to slow in South Florida, Mekras said the market is facing a short-term absorption challenge and not a long-term supply and demand imbalance.