The Real Deal Miami

Grand Peaks Properties pays $24M for Davie apartment complex

Poinciana Homes sold the 140-unit property for nearly $175k per unit
By Keith Larsen | May 29, 2018 06:00PM

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.