Grand Peaks pays $66M for apartment complex near FIU

Denver firm also bought a Davie rental property in May for $24M

Jun.June 19, 2018 12:30 PM

Sundance Village and Grand Peaks Properties CEO Luke Simpson (Credit: Sundance Village and Grand Peaks)

Grand Peaks Properties paid $65.6 million for an apartment complex near Florida International University in Sweetwater, property records show.

Real estate investors Manuel and Jorge Larrieu and Nitza Gonzalez sold Sundance Village, a 304-unit property at 11325 Northwest Seventh Street, for about $216,000 per apartment. They paid $7.2 million for the complex in 1997, and hired Larry Stockton of Colliers International South Florida to sell the property earlier this year.

Sundance Village, built in 1988 on 16.5-acre lot just off of State Road 836 and the Florida Turnpike, was listed as part of a portfolio that included a 140-unit apartment complex in Davie. Grand Peaks paid $24 million for that property last month. Both rental properties averaged about 94 percent occupancy over the past decade, Stockton said.

Grand Peaks also owns a 196-unit apartment complex in West Miami and a 481-unit apartment building in Plantation. The Denver, Colorado-based firm has 32 properties totaling $2 billion in its portfolio, according to its website.

The Larrieus head Poinciana Homes, a residential development and management firm.

The South Florida Business Journal first reported the Sweetwater sale.

Related Articles

Arthur Porosoff, Stefano Garofoli, Costantino Cicchelli and Frank Rodriguez Melo with the Omni property

Investment group buys multifamily buildings in Little Havana, Omni

Joseph P. Thomas, Adam Duncan and Tyler Carbonelli with the Fort Lauderdale properties

California investors buy multifamily portfolio in Fort Lauderdale

Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Rendering of Soleste Twenty2 and Robert Suris

Estate Companies completes 338-unit West Miami project

A rendering of Society Las Olas (Credit: Facebook)

16K apartments to be delivered in South Florida this year: report

Brian Gordon and Gio Midtown

Magellan launches leasing of Midtown Miami apartment tower