Grand Peaks Properties pays $24M for Davie apartment complex

Poinciana Homes sold the 140-unit property for nearly $175k per unit

May.May 29, 2018 06:00 PM

The Gardens at Nova Apartments (Credit: Pixabay)

Grand Peaks Properties picked up a 140-unit apartment complex near Nova Southeastern University in Davie for $24.4 million.

The Gardens at Nova Apartments, at 6777 College Manor, sold for $174,285 per unit to a company tied to the Denver-based real estate firm, property records show. The buyer received a $15.85 million mortgage from Minneapolis-based Northmarq Capital Finance.

The seller, Gardens at Nova Manor, is led by Manuel and Jorge Larrieu and Nitza Gonzalez. The Larrieus head the real estate development and management firm Poinciana Homes, which focuses on residential development.

Poinciana had purchased the 144,673-square-foot apartment complex in 2003 for $11.8 million.

Grand Peaks Properties has bought other properties in South Florida, including a 196-unit apartment complex in West Miami in 2017, and a 481-unit apartment building in Plantation.

Related Articles

Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project

Lennar's Stuart Miller and a rendering of a Sierra Ranch home

Lennar closes on 89-acre Davie site for single-family home community

Starwood Capital CEO Barry Sternlicht and the Summerlake Apartments

Starwood Capital pays $11M for affordable housing complex in Davie

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Grand Peaks Properties CEO Luke Simpson and the Gardens at Nova at 6857 College Court

Grand Peaks Properties sells the Gardens at Nova for $30M

South Florida firm, partner acquire Tampa office building for $29.4M