The Real Deal Miami

Grand Peaks pays $66M for apartment complex near FIU

Denver firm also bought a Davie rental property in May for $24M
By Amanda Rabines | June 19, 2018 12:30PM

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.