Apartment complex in Country Walk sells for $37M

An affiliate of Tampa's Blue Rock Partners is the buyer

TRD MIAMI /
Sep.September 07, 2017 08:45 AM

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


Related Articles

arrow_forward_ios
The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project

Howard Cohe of Atlantic | Pacific and downtown Miami (Credit: iStock)

Atlantic | Pacific closes $140M portion of multifamily fund

From left: Mark Okada and James Dondero

REIT to pay $322M for sprawling Pembroke Pines apartment complex

arrow_forward_ios