The Real Deal Miami

South Florida’s top multifamily deals of 2017

All of the top five exceeded $100M

South Florida’s top multifamily deals of 2017

Despite an onslaught of new inventory, South Florida’s multifamily market showed continued strength in 2017, with the majority of the top deals exceeding $100 million.

At the top of the list was the $158.5 million sale of Montage at City Center in Pembroke Pines, which Harbor Group International bought in the first half of the year. And only one property in Miami-Dade County made the cut, a nearly 400-unit development in Doral.

Here’s a look at the five priciest multifamily investment sales of this year:

1) Montage at City Center, Pembroke Pines
$158.5 million

AVR Realty Company sold the 700-unit Montage at City Center in Pembroke Pines to Harbor Group International. Despite setting a record price for this year, AVR paid the same amount, $158.5 million, for the project in two purchases in 2014 and 2015.

Montage at City Center, at 10170 Southwest Seventh Street, consists of 12 mid-rise buildings and 28 townhome structures, with a mix of one-, two- and three-bedroom units. The development was built in two phases, in 2014 and 2015. Amenities include a LEED Gold-certified clubhouse, two pools, a fitness center, business center and game room.

The deal also included the assumption of a $100 million loan. It broke down to about $226,000 per apartment.

2) Manor at CityPlace
$135 million

The Related Group, Shoma Group and PGIM Real Estate Investors sold a piece of CityPlace Doral in August for a whopping $135 million.

The developers sold the Manor at CityPlace, at 3450 Northwest 85th Court, to TA Realty affiliate FHF I Manor Doral for an amount that breaks down to nearly $343,000 per apartment.

Related and its partners completed the 394-unit luxury apartment complex in 2014 and secured $74 million of long-term debt for the property in May 2016. It was fully leased at the time. The six-story building sits on 5.8 acres just southwest of the shops at CityPlace.

3) Amaray Las Olas
$134 million

A luxury rental tower in downtown Fort Lauderdale that could eventually be converted to condos traded hands for $133.55 million in June, marking the third-largest multifamily deal to close this year.

A joint venture between the Rockefeller Group and Stiles sold Amaray Las Olas to a company managed by Boston-based GID, a real estate developer, property management and acquisition firm. The GID affiliate financed the deal with a $65 million mortgage from TIAA.

Amaray hit the market in January with its brokers expected it to sell for upwards of $150 million. At $133.55 million, Amaray sold for nearly $526,000 per apartment.

4) Solano at Miramar
$120 million

Atlanta-based Pollack Shores Real Estate Group paid $119.75 million for the 512-unit Solano at Miramar

UBS Realty Investors sold the complex at 11700 Southwest 26 Street at a loss, as it paid $124.3 million for the property in 2007.

The Mediterranean-style project, built in 2008, sits on a nearly 30-acre lot, which includes an adjacent 7.35-acre vacant lot. It’s split between a 364-unit apartment community and a 148-townhome community offering three-story units with two-car garages, according to its website.

5) Quaye at Palm Beach Gardens
$118 million

In July, Tampa-based Carlyle Investments sold a 340-unit apartment complex in Palm Beach Gardens for $118 million to PGIM Real Estate.

PGIM paid about $347,000 per apartment at the Quaye at Palm Beach Gardens.

The 34-acre development, at 10000 South Gardens Drive, was completed in 2015. Carlyle financed construction with a $47.6 million mortgage from Columbus, Georgia-based Synovus bank.

Harunobu Coryne contributed reporting.

Correction: An earlier version of this story incorrectly identified the buyer of Solano at Miramar. Pollack Shores Real Estate Group purchased the complex.