The Real Deal Miami

SoFla’s largest multifamily sales in September

Top deal was the $92M sale of Sheridan Village in Pembroke Pines
By Amanda Rabines |
Research by Laura Hanrahan
October 12, 2018 04:30PM

Sheridan Village, River Oaks Tower & Marina and Pinnacle Lakes

Sheridan Village – Bell Partners | $92M

The top apartment deal in September took place in Pembroke Pines.

Multifamily investment firm Bell Partners paid $91.8 million for the Sheridan Village apartment complex at 16700 Sheridan Street.

AVR Realty Company sold the 300-unit complex for roughly $306,000 per apartment.

Records show AVR bought the property in 2014 for $78 million, the same year it was completed by the Altman Companies.

River Oaks Tower & Marina – Neology Life | $61M

The second-priciest deal also marks developer Lissette Calderon’s return to real estate since leaving the Related Group in 2016.

Calderon’s firm, Neology Life paid about $61 million for the River Oaks Tower & Marina with plans to renovate the waterfront apartment building. Calderon developed Neo Lofts and Neo Vertika, also on the Miami River.

Neology Life financed the deal for the 199-unit, 20-story rental tower at 1951 Northwest South River Drive with a $45.75 million bridge loan from Voya and Berkadia.

Pinnacle Lakes – Treetop Development | $25M

Treetop Development paid $24.5 million for one of Pinnacle Housing Group’s affordable housing complexes in North Miami Beach.

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.

The trade breaks down to about $108,000 per unit for Pinnacle Lakes at 18701 Northeast Third Court. Treetop financed the deal with a $16.95 million loan from Argentic Real Estate Finance.