RAIT Financial sells Miami Gardens apartments for $36M

Miami /
Nov.November 10, 2016 04:30 PM

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.


Related Articles

arrow_forward_ios
 Lionstone's Diego Lowenstein with 5901 Miami Gardens Drive (Lionstone, iStock, Loopnet)
Lionstone roars into Miami Gardens with $17M office building acquisition
Lionstone roars into Miami Gardens with $17M office building acquisition
From left: Edgardo Defortuna, Stephen Ross and Gil Dezer (The Related Companies, Fortune International Group, Dezer Development, iStock)
Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue (LinkedIn, Kushner, Morali via Sasha Maslov, Google Maps)
Kushner to co-develop multifamily project south of Hard Rock Stadium
Kushner to co-develop multifamily project south of Hard Rock Stadium
Bridge Industrial founder and CEO Steve Poulos and the development site at 4310 NW 215th Street (Bridge Industrial)
Bridge Industrial nabs $154M construction loan for Miami Gardens project
Bridge Industrial nabs $154M construction loan for Miami Gardens project
Link Logistics' Luke Petherbridge (Link Logistics, Calder Casino, iStock)
Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track
Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track
CenterPoint Properties' Bob Chapman with 17707 Northwest Miami Court (Platformreverecre, Google Maps)
CenterPoint picks up Miami Gardens truck storage facility for $47.5M
CenterPoint picks up Miami Gardens truck storage facility for $47.5M
4705 NW 183rd Street and 4500 NW 183rd Street complexes (LoopNet)
Brooklyn investment group buys two Miami Gardens shopping centers for $47M
Brooklyn investment group buys two Miami Gardens shopping centers for $47M
Seagis VP Bradlee Lord with the facility (Google Maps, Cornell)
Seagis Property Group buys warehouse near Miami Gardens for $8M
Seagis Property Group buys warehouse near Miami Gardens for $8M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...