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

Trade breaks down $200k per unit

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.

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