The Real Deal Miami

SoFla’s largest multifamily deals in June

RREEF and Harbour Group International purchased the two biggest deals
By Keith Larsen |
Research by Laura Hanrahan
July 19, 2018 02:30PM

South Florida’s largest multifamily deals in June

The nearly $150 million sale of an apartment complex near Aventura set the bar high for South Florida’s multifamily market in June.

The majority of the top five deals were in Miami-Dade County, with one $55 million sale of a Pompano Beach development and a smaller property in Davie. South Florida’s multifamily market has remained active in recent years with increased development and strong resales. Apartment rents in Miami, which are among the highest in the country, could continue falling as inventory rises across South Florida.

Gables Aventura – RREEF | $149M

Gables Residential’s sale of Gables Aventura for $149 million to RREEF marked South Florida’s largest apartment deal in June.

An RREEF affiliate paid about $372,500 per unit for the apartment and townhome community at 19920 West Dixie Highway in the Ojus neighborhood of Miami-Dade, near Aventura, according to property records. Rents at the 400-unit complex rents range from $1,799 to more than $2,808.

Atlanta-based Gables Residential completed the 16.3-acre development back in 2016. It had previously acquired the site in 2007 from Turnberry Associates for $11 million, according to Real Capital Analytics.

RREEF is a publicly traded real estate investment trust and an affiliate of Deutsche Bank.

Jefferson Lighthouse Place – Harbor Group International | $55M

Coming in at No. 2 on the list is Starwood Asset Management’s sale of a Pompano Beach apartment complex to Harbor Group International for $55 million.

Starwood affiliate JAG Star Pompano LLC sold the complex at 4411 North Federal Highway to JRM Jefferson LLC and Azure Pompano LLC, which are both tied to Harbor Group. Known as the Jefferson Lighthouse Place, the apartment building has 243 units with available units ranging in price from $1,426 to $2,074 a month.

Harbor Group, a global asset manager with more $7.3 billion in assets, paid about $226,000 per apartment for the Pompano development.

The complex was completed in 2016 on a 8.56-acre lot and features a pool, fitness center and an outdoor living room. Starwood originally paid $6 million for the development site back in 2012, according to property records.

Robert Castro – Southwood Apartments | $14.2M

A group led by Bankers Healthcare Group CEO Robert Castro paid $14.2 million for a 144-unit converted apartment complex in Cutler Bay. 

CMG Capital affiliate BMC Southwood LLC sold the property to Courtyards at Cutler Bay LLC for about $99,000 per unit. The buyer is tied to Tamarac-based Ortsac Management and led by Castro and Sophie C. Castro, records show.

Southwood Apartments, at 19800 Southwest 110th Court, was operating as a condo project until about a year ago. The complex consists of three three-story buildings with studios, one- and two-bedroom units. It was built in 1979.

MSP Group’s Deme Mekras and Elliot Shainberg represented the buyer and seller in the transaction. Mekras and Shainberg brokered the previous deal to BMS Southwood in 2014, when the company acquired about half of the project, according to a press release. Then group bought out the remaining units until it could legally convert the project from a condo development to multifamily.

Cayon Development Group – Coral Way Apartments | $12.8M

Cayon Development Group purchased a complex on Coral Way near Brickell for $12.8 million.

Dalton Properties Inc., led by Alfredo Sesana and Paul Garcia, sold the 88-unit complex at 2110 Southwest Third Avenue for about $145,700 per apartment. Cabrerizo and Cayon’s TMC Apartments LLC financed the deal with a $10.7 million loan from City National Bank, according to property records.

The two eight-story buildings were completed in 1994 on a 1-acre lot. The property last sold for $760,00 in 1988.

Tom Cabrerizo – Davie Apartments | $9.6M

Triangle Professional Building Corp. sold a 72-unit apartment complex in Davie for $9.6 million to a company tied to investor Tom Cabrerizo.

Cabrerizo’s TC MC Davie Apartment purchased the 72,090-square-foot building at 3800 to 3820 Davie Road for $133,750 per unit. The building was constructed in 2014 on a 3.3-acre lot.

The seller is led by Steven Shapiro, who purchased the land in June 2005 for $1.2 million.

Cabrerizo is a principal at CFH, which owns 6,000 multifamily units and more than 500,000 square feet of commercial property throughout the Southeastern U.S.