TIAA entity pays $71.3M for apartment complex in northwest Dade

Trade breaks down $200k per unit

Miami /
Sep.September 07, 2018 02:30 PM

Latitudes at the Moors and Julianna S. Ingersoll President and CEO of RREEF Property Trust

An apartment community in northwest Miami-Dade County just traded hands for $71.3 million.

Property records show TH Real Estate picked up the 358-unit Latitudes at the Moors rental community at 6200 Northwest 173rd Street, in a deal that breaks down to about $200,000 per unit.

TH Real Estate is an affiliate of Nuveen Investments, which serves as the investment management arm of TIAA. Records show it financed the deal with a $31 million loan from Principal Life Insurance Company.

The seller, SDC Latitudes at the Moors, is tied to RREEF Property Trust. Records show it paid $22.15 million for the 12-acre property in 2000. The company is an arm of Chicago-based DWS Group, previously known as Deutsche Asset Management.

The complex, built in 1989, offers lake views, and residents are given access to the adjacent Moors Club Center, which features tennis courts, playgrounds, several pools, a fitness facility and a lakefront fishing pier.

German banking giant DWS rebranded its unit last year ahead of its initial public offering in March, which valued the company at nearly $8 billion. 

In July, RREEF picked up 400-unit mixed-use apartment complex in Miami-Dade’s Ojus neighborhood, near Aventura, for $150 million.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
FECI plans Countyline Corporate Park expansion with $33M construction loan
FECI plans Countyline Corporate Park expansion with $33M construction loan
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...