SoFla’s biggest multifamily deals in July
$56M purchase in Hollywood marked the largest apartment sale last month
South Florida’s multifamily market continued to have another strong month in July. The growing demand for properties outside of South Florida’s major metros, like Lake Worth, is likely driven in part by South Florida’s lack of affordable housing, which has pushed renters outside of the urban cores.
The July investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.
Park Colony Apartments – American Landmark and RSE Capital | $56M
American Landmark and RSE Capital’s $56 million purchase of an apartment complex in Hollywood marked the largest multifamily sale last month in the tri-county region.
The seller, Delavaco Group, kept a 20 percent stake in the Park Colony Apartments at 812 South Park Road. The 316-unit, nearly 13-acre property sold for about $177,000 per unit.
Ronald Meyerson with Cedano Realty Advisors and UrbaniZa Realty’s Ray Jourdain represented the buyer. The seller was represented by Dallas Wharton of Dalmar Real Estate Group.
American Landmark has made at least four acquisitions in South Florida in 2018. The joint venture plans to rename the community “The EnV.”
The Park Colony Apartments were built in 1987. The complex features up to three-bedroom apartments with rents averaging $1,450 a month, according to Jourdain. A Delavaco affiliate purchased the complex in 2013 for $41.5 million.
Casa Brera at Toscana Isles – RAIA Capital Management | $44.4M
Priderock Capital Partners sold a 206-unit apartment complex at 4725 Via Bari near Lake Worth to RAIA Capital Management for $44.4 million.
West Palm Beach-based Priderock sold the Casa Brera at Toscana Isles property for about $216,000 per unit, property records show.
Priderock paid $31.1 million, or about $151,000 per unit, for the 12.2-acre complex in 2015. It was built in 2013.
RAIA Capital Management’s portfolio includes about 3,000 Class A apartments in Alabama, Florida, Missouri, South Carolina and Tennessee, according to its website.
Oakwood Apartments – One Real Estate Investment | $25.6M
Naya USA Investment & Management sold an apartment complex in Lake Worth for twice what it paid for the property four years ago.
The Hollywood-based company sold the 160-unit, 200,000-square-foot development at 2425 Second North Avenue for $25.6 million, about two times the $12.9 million that Naya paid for the property in 2014. One Real Estate Investment, led by Jeronimo Hirschfeld, bought the complex, known as Oakwood Apartments.
One Real Estate paid about $160,000 per unit. The complex, built in 1993, is near Palm Beach College and is 96 percent occupied. The apartments are all four-bedrooms and each rent for about $1,500.
Tal Frydman, Yoav Yuhjtman, Nicholas Perrone of Berkadia represented the seller, according to a press release. Berkadia’s Brad Williamson and Jared Hill also arranged a $19.23 million seven-year, fixed-rate loan for the buyer to finance the deal.
One Real Estate has acquired a portfolio of more than 6,000 multifamily units in Texas and Florida. The company is planning to break ground on a 12-story mixed-use project at 2201 North Miami Avenue in Wynwood called Wynwood Square in the next few months.
Crystal Mansion – Prestige Cornerstone | $6.7M
Kina Investment sold a North Miami apartment complex called the Crystal Mansion to Prestige Cornerstone for $6.73 million.
Prestige Cornerstone bought the 66-unit, four-story complex at 12300 Northeast Fourth Avenue for $102,000 per unit. Kina Investments in 1984. It was originally constructed in 1971 and is right off of West Dixie Highway.
Kina Investment is tied to Ettore Nardi, according to property records.