Advenir drops $60M on apartment complex near FIU

Rilea Group sold Vista Verde at Westchester for nearly $200k per unit

Aug.August 16, 2018 01:30 PM

Vista Verde at Westchester, Rilea Group’s Alan Ojeda and Advenir’s Stephen Vecchitto

The Rilea Group sold an apartment complex near Florida International University to Advenir for $59.75 million.

Vista Verde at Westchester, a 302-unit complex at 10491 Southwest 14th Terrace, just east of the university, sold for about $198,000 per apartment. Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley and James Quinn represented Rilea, according to a release.

Advenir financed the deal with a $44.32 million loan from Freddie Mac. Berkadia’s Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez arranged the 11-year, fixed-rate loan with six years of interest.

The property was built in 1993 and is being marketed as a value-add complex. About 20 percent of the units have been updated, Cushman said. Rilea, which focuses on value-add commercial properties in South Florida, paid $2.2 million for the site in 1988, according to property records.

Rents range from about $1,200 a month for a studio apartment to $1,850 for a two-bedroom, two-bathroom, according to the complex’s website. Amenities include a pool, children’s pool, gym, playground and picnic areas.

It’s adjacent to a Publix-anchored shopping center that’s across the street from FIU.

Advenir, an Aventura-based investment company, recently secured an $80 million loan to renovate an apartment complex it purchased in Palm Beach Gardens for $97.25 million.

Rilea, led by Alan Ojeda, completed the Bond on Brickell about two years ago. The 44-story, 328-unit Brickell condo tower sold out for $183 million.

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