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

Atlanta developer unloaded the townhouse and apartment community for $373K per unit

Miami /
Jul.July 05, 2018 09:45 AM

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.


Related Articles

arrow_forward_ios
Shoma Group president Masoud Shojaee and renderings of the project (Shoma Group)Shoma Group president Masoud Shojaee and renderings of the project (Shoma Group)
Shoma pays $16M for North Bay Village site, plans Publix-anchored apartment project
Shoma pays $16M for North Bay Village site, plans Publix-anchored apartment project
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
Bell Partner's Jon Bell and Greystar's Bob Faith with the Satori Apartments. (Greystar, Bell Partners)
Bell Partners buys Fort Lauderdale apartments for $100M
Bell Partners buys Fort Lauderdale apartments for $100M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Green Tree Apartments with (from left) R.O.I. Capital founders Noam Avrahami, Shay Atiya, Shay Milch and Northland Investment founder Lawrence Gottesdiener
R.O.I. Capital buys Oakland Park multifamily complex for $59M
R.O.I. Capital buys Oakland Park multifamily complex for $59M
Dr. Jose Luis Ferreira de Melo, Carlos Ferreira de Melo and Martin Ferreira de Melo of the Melo Group. (Melo Group, Miami Plaza)
Melo Group scores $99M refi for apartment tower north of downtown Miami
Melo Group scores $99M refi for apartment tower north of downtown Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...