The Real Deal Miami

Kendall Broadwater apartment complex sells for $61M

The 336k complex sold for $182 psf in an off-market deal
June 01, 2017 02:15PM

The Broadwater Apartments

The Broadwater Apartments, a 424-unit multifamily complex in Kendall was just purchased by Electra America for $61.2 million.

The price of the 336,134-square-foot, two-story complex, at 15000 Southwest 104th Street, equates to $182 per square foot.

The seller in the off-market deal was HRA Broadwater Inc. Both the buyer and seller were represented by Colliers International South Florida agents Larry Stockton, Jeff Resnick, Jaime Rodriguez and Alex Morcate, according to a release.

The buyer, Electra America, is the American subsidiary of Israel’s Electra Real Estate. Electra is publicly traded on the Tel aviv Stock Market. In November of last year, the company merged with Robbins Property to form Robbins Electra, which plans to spend about $1 billion in the acquisition of apartment properties on South Florida in 2017.

“This is likely the best time to be a seller of apartment assets in Miami and our team was able to bring the best buyer to the table,” said Colliers’ Larry Stockton in a statement. “It was the perfect match for a willing, local seller and a national buyer like Electra, looking to re-enter the Miami market with a sizable purchase of a family owned and operated asset.”

Interest in Class B and C properties such at the Broadwater Apartments, by young professionals, retirees, students, and teachers, is on an upward trend, with occupancy rates of 97.3 to 100 percent, according to the release. — Grace Guarnieri