The Real Deal Miami

South Florida’s largest multifamily investment sales in October

Top deal was the $105M sale of two rental buildings in Royal Palm Beach and Plantation
By Amanda Rabines |
Research by Haru Coryne
November 19, 2018 10:30AM

Siena Apartments, Hidden Harbor Apartments, Alexander Living, Luzano Luxury Apartments

Siena and Hidden Harbor – American Landmark | $105M

The top apartment deal in October was the portfolio sale of two separate rental complexes in Broward and Palm Beach counties.

American Landmark purchased the Siena Apartments, a 292-unit apartment community at 8080 Northwest 10th Court in Plantation; and the Hidden Harbor Apartments, a 200-unit community at 222 Kingfisher Way in Royal Palm Beach, for a combined $105 million.

The seller was an affiliate of Fairfield Residential and was represented by ARA Newmark.

Alexander Living – AvalonBay Communities | $103M

AvalonBay Communities made its first foray into West Palm Beach with a $103 million multifamily purchase.

The Arlington, Virginia-based real estate investment trust bought Alexander Living, which consists of a recently completed 20-story, 205-unit rental building called The Alexander; and a six-story, 85-unit building called Alexander Lofts.

The seller was a joint partnership between Ram Realty Advisors and Kolter Urban. The Alexander building was completed last year. The partners converted the Alexander Lofts building into apartments in 2015.

Luzano Luxury Apartments – Praedium Group | $94.1M

An affiliate of Praedium Group paid $94.1 million for a Pompano Beach rental complex completed last year.

The 404-unit Luzano Luxury Apartments, at 100 Northwest 33rd Avenue, traded hands for about $232,920 per unit. It was developed and sold by West Atlantic Boulevard Apartments Investors, which is tied to UBS Realty Advisors.

The 24-acre property last traded for $3.64 million in 2015. The apartment complex features one- to three-bedroom apartments. Amenities include a pool, fitness center, clubhouse, playground and a dog park.

Waterford Park Apartments – Residential Management NY | $42.6M

The Brooklyn-based real estate firm Residential Management NY dropped $42.6 million for an apartment complex in Lauderhill.

Waterford Park Apartments LLC, a company tied to TH Real Estate, sold the 272-unit Waterford Park Apartment complex at 7505 Northwest 44th Street to an affiliate of Residential Management NY for about $157,000 per apartment.

It was built in 1987 on a 21.2-acre site. The complex last sold for $21.4 million in 2011. TH Real Estate is an affiliate of Nuveen Investments, which serves as the investment management arm of TIAA.

The buyer financed the deal with a $30.17 million loan from Capital Bank.

The Place at Dania Beach – Guillermina Dawson Trust | $38M

A California-based trust in Guillermina Dawson’s name bought a recently completed apartment complex in Dania Beach for $38 million.

AHS Residential sold the 144-unit, seven-story building at 180 East Dania Beach Boulevard, known as The Place at Dania Beach, for about $264,000 per unit.

The apartment building totals 211,257 square feet and sits on 1.94 acres. The building also has 6,771 square feet of ground-floor retail.

AHS Residential, led by Ernesto Lopes, bought the site in 2013 for $1.6 million.