Advenir drops $60M on apartment complex near FIU

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

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.