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.

Related Articles

From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

Daily Digest Miami

Rise in climate-related home buyouts could worsen housing inequality, Eurostars parent buys historic downtown Miami property: Daily digest

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project