SoFla’s largest multifamily investment sales in December

$119M deal in Davie topped the list of most expensive multifamily trades

Jan.January 23, 2019 05:30 PM

The top five multifamily sales

There appears to be no end in sight for big apartment deals in South Florida’s suburbs.

In December, Boardwalk Properties paid $119 million for a 400-unit apartment complex in Davie. And Greystar Real Estate Partners, one of the nation’s largest apartment investors, paid $83.6 million for a multifamily complex in Palm Beach Gardens.

Despite an influx of new apartments in the pipeline in Miami and Fort Lauderdale, investors believe there is a shortage of housing in suburban areas, especially in western Broward County and central Palm Beach County. All of the five biggest sales in December happened outside of Miami and Fort Lauderdale.

The Avenue – Boardwalk Properties | $119M

Boardwalk Properties paid $119 million for a nearly 400-unit apartment complex in Davie, about three months after it hit the market.

Pacific Investment Management Company (PIMCO) and Greystar sold Elan Maison, a 394-unit property at 6220 Reese Road, for more than $302,000 per unit.

Boardwalk Properties, a Miami Beach-based company owned by the Gober family trust and Adam Walker, is renaming the property The Avenue, according to a press release.

Mira Flores Apartments – Greystar Real Estate Partners | $84M

Greystar paid $83.6 million for an apartment complex in Palm Beach Gardens.

A joint venture between UBS Realty Investors and the private equity firm TPG Capital sold the Mira Flores Apartments at 11900 Valencia Gardens Avenue. The 352-unit property sold for about $237,500 per apartment.

Records show the 22-acre property last sold for $48.5 million in 2011. Built in 1996, the Mira Flores Apartments consists of six, two-story buildings with a community pool, playground, racquetball court and tennis court.

Viera of the Palm Beaches– Axonic Properties | $48.5M

New York real estate investment firm Axonic Properties bought a 300-unit apartment complex in West Palm Beach for $48.5 million, about 25 percent more than its last sale price in 2016.

Axonic Properties purchased the Viera of the Palm Beaches at 4860 Sand Stone Lane for about $162,000 per unit. The seller is a joint venture between investment firms Angelo Gordon and McDowell Properties, according to a press release.

Angelo Gordon and McDowell Properties’ joint venture bought the 14-acre property in 2016 for $36.4 million.

Vestcor – Ambar Key apartments | $12M
Vestcor bought a 77-townhouse affordable housing complex in Florida City in two transactions totaling $12.3 million.

Florida Value Partners sold the 16.4-acre property at 350 Northeast Fifth Place to the Jacksonville developer. The sale equates to about $160,000 per townhouse.

Ortsac Properties – Heritage Green Residences | $12M
A company tied to Ortsac Properties paid $12.1 million for the 72-unit Heritage Green Residences in Sunrise.

Tamarac-based Ortsac bought the apartment complex at 8445-8481 Springtree Drive, in front of the Bridges at Spring Tree Golf Club, for $168,000 per unit, property records show. Sunrise-based Heritage Green Residences LLC, which is managed by Bryan Grosman of Hollywood, sold the property.

Heritage Green Residences paid $1.1 million for the 3.2-acre property in 2010, records show. The two-building complex was built in 1986.

Ortsac Properties is tied to Bankers Healthcare Group President and co-founder Robert T. Castro and his wife Sophie C. Castro.

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