Two years after making its first foray into the South Florida real estate market, the Canyon Multifamily Impact Fund just sold its initial investment, a Pompano Beach apartment complex, for $39.8 million.
RCA data shows CMIF Palm Islands LLC, a joint venture between Citi Bank’s community development lending division and the California hedge fund Canyon Partners, sold the Palm Island apartments to J. Milton & Assoc.
Pompano Palms Apartments LLC, led by J. Milton’s Rex Barker, bought the 402-unit rental community at 401 Northwest 34th Street for about $99,000 per unit. The complex, built in 1972, includes 13 two-story buildings totaling more than 285,000 square feet.
Records show the fund paid $34.16 million for the property in November 2015. Canyon previously announced it would invest several million dollars to renovate the complex.
Cushman & Wakefield brokered the latest deal. A spokesperson for the brokerage declined to comment.
J. Milton is building several projects in South Florida. In East Little Havana, the Coral Gables-based developer is planning an apartment building with ground floor retail on a vacant lot near the Miami River and Marlins Park.