The Real Deal Miami

Apartment complex in Country Walk sells for $37M

An affiliate of Tampa's Blue Rock Partners is the buyer
September 07, 2017 08:45AM

Pinebrook Apartments. Inset: Evan Kristol and Felipe Echarte

An affiliate of Tampa’s Blue Rock Partners just paid $37 million for a 309-unit apartment complex in Country Walk.

Blue Rock Partners’ managing partner Reuven Oded told the South Florida Business Journal that The Pinebrook Aparments will be updated with interior and exterior renovations totaling about $3 million, and it will be renamed the Park at Sheffield.

The sale breaks down to about $119,740 per apartment.

Records show the buyer financed the purchase with a $33.5 million loan from Ladder Capital Finance.

Marcus & Millichap’s Evan Kristol brokered the deal of the 170,900-square-foot property at 15601 Southwest 137th Avenue to Pinebrook Property Holdings. The listing price of the complex was $41 million, according to the Marcus & Millichap website. The property is 98 percent occupied, according to the South Florida Business Journal.

The apartments are near Zoo Miami and the proposed site of Miami Wilds, a nearly $1 billion theme park that is in the works, as well as a mixed-use development by Ram Realty that will add 600 new apartments to the area, Kristol previously said. [SFBJ]  Grace Guarnieri