Pinnacle sells North Miami Beach apartments to Treetop Development

Treetop financed the deal with a $17M loan from Argentic Real Estate Finance

Miami /
Sep.September 24, 2018 12:30 PM

Pinnacle Lakes at 18701 Northeast Third Court and Treetop’s Azi Mandel

Pinnacle Housing Group just sold one of its affordable housing complexes in North Miami Beach for $24.5 million to Treetop Development, property records show.

New Jersey-based Treetop paid about $108,000 per unit for Pinnacle Lakes at 18701 Northeast Third Court using the companies, TriSun 57th Avenue LLC and TT Family Pinnacle LLC. Treetop financed the deal with a $16.95 million loan from Argentic Real Estate Finance.

The 15-acre complex features 226 subsidized apartments and was built in 1971. Pinnacle paid $5.5 million for the development in 2002, according to property records.

HFF’s Doug Childers, Jaret Turkell and Maurice Habif represented the seller.

Pinnacle Housing Group develops, builds, leases and owns affordable housing, mostly concentrated in Florida, Mississippi and Texas. In Miami-Dade, the company owns or manages 3,888 apartments. It’s currently building Caribbean Village, a 123-unit affordable rental complex at 19755 Southwest 110th Court, just north of Southland Mall.

Treetop is mostly active along the East Coast in markets like New York, New Jersey and Pennsylvania. Last year, it paid $135 million for a four-building rental complex in Far Rockaway. It’s also building two rental buildings in South Bronx.


Related Articles

arrow_forward_ios
Renders of the new development on 1155 Northeast 126th Street (Kivvit)
North Miami CRA approves financing for new workforce housing development
North Miami CRA approves financing for new workforce housing development
Bent Philipson and 1235 Northeast 135th Street (Linked, Google Maps)Bent Philipson and 1235 Northeast 135th Street (Linked, Google Maps)
Healthcare magnate spends $24M on sixth South Florida nursing home
Healthcare magnate spends $24M on sixth South Florida nursing home
A rendering of 14752 Northeast Sixth Avenue
Global One plans housing project near North Miami
Global One plans housing project near North Miami
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail
Altman scores $55M construction loan for Ludlam Trail project
Altman scores $55M construction loan for Ludlam Trail project
A rendering of the Intracoastal Mall and Gil Dezer
Dezer’s plans to remake Intracoastal Mall face opposition
Dezer’s plans to remake Intracoastal Mall face opposition
Joseph Swedroe (Corcoran, iStock)
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
arrow_forward_ios

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

Loading...