The Real Deal Miami

Gables Residential sells apartment complex near Aventura to RREEF for $149M

Atlanta developer unloaded the townhouse and apartment community for $373K per unit
By Katherine Kallergis | July 05, 2018 09:45AM

Gables Aventura (Credit: Facebook)

Gables Residential just sold the 400-unit mixed-use apartment complex, Gables Aventura, to RREEF Property Trust, an arm of Deutsche Bank asset management.

RREEF affiliate RAR2 20080 West Dixie Highway LLC paid about $372,500 per unit for the apartment and townhome community at 19920 West Dixie Highway in the Ojus neighborhood, near Aventura, according to property records.

Atlanta-based Gables Residential completed the 16.3-acre development in 2016. The multifamily development and management firm acquired the site in 2007 from Turnberry Associates for $11 million, according to Real Capital Analytics.

Earlier this year, Gables Residential sold the Gables Marbella apartment complex at 22182 Bella Lago Drive, just west of Boca Raton, for $112 million, or $377,000 per unit.

Last fall, RREEF, a publicly traded real estate investment trust, sold a Publix-anchored shopping center in northwest Miami-Dade for about $34 million to Jamestown.

Deutsche Bank asset management had roughly $789 billion of assets under management as of the end of March.