Here are South Florida’s five largest multifamily deals in March

Top sale totaled $136M for a nearly 400-unit building in Fort Lauderdale

Miami /
Apr.April 24, 2019 10:30 AM
Clockwise from top left: Broadstone Harbor Beach, Manhattan II in Overtown, Temple Court Apartments, Cloisters at the Gables, and Watershed Residences

Clockwise from top left: Broadstone Harbor Beach, Manhattan II in Overtown, Temple Court Apartments, Cloisters at the Gables, and Watershed Residences

Broadstone Harbor Beach | TGM Associates – $136M

TGM Associates bought the Broadstone Harbor Beach apartment complex in Fort Lauderdale for $136 million, marking South Florida’s largest multifamily deal so far this year.

The New York-based real estate firm purchased the 394-unit waterfront building at 1721 17th Street for about $345,000 per unit, records show. Alliance Residential and Invesco Real Estate sold the property to TGM.

The units average 912 square feet, with rents ranging between $2,000 to $3,000 a month. Amenities include a fitness center, boxing and yoga studio, movie theater, pool with cabanas, dog park and massage room.

Overtown apartments | Walnut Street Capital – $14M

Six apartment properties in Miami’s Overtown neighborhood sold for $14 million, signaling growing interest in real estate in the area.

A company tied to Thomas Neary and Arthur Bartholomew of Fort Lauderdale-based Walnut Street Capital bought the 2.2-acre assemblage, records show. All of the buildings were owned by companies tied to either Larry and Leslie Gratz or Teresa Matias of Miami.

Temple Court Apartments | Atlantic Housing Foundation – $6.8M

A company led by former Major League Baseball All-Star Mo Vaughn sold an affordable housing building in the Miami River District for $6.8 million.

An affiliate of Vaughn’s Omni New York sold the 61-unit Temple Court Apartments at 431 Northwest Third Street for $111,000 per unit. The buyer is an affiliate of the Atlantic Housing Foundation, a Dallas-based affordable housing company.

Cloisters at the Gables | CA Ventures – $6M

Chicago investment firm CA Ventures paid $6 million for 10 duplex buildings near the University of Miami where it is planning a student housing project.

The company bought the buildings that surround the Cloisters at the Gables, a 79-unit condo complex at 5810, 5830 and 5840 Southwest 57th Avenue. The company also bought the complex for $15 million.

The deals give CA Ventures control of most of the block between Southwest 58th Avenue and Red Road, and Southwest 58th Terrace and 60th Street. The properties are about two blocks away from the University of Miami.

Watershed Residences | Eastside Equities – $5.1M

Eastside Equities bought a sober living facility in Lake Worth for $5.1 million.

Watershed Residence Inc., a Delray Beach company, sold the 40-unit, 11,292-square-foot property, at 3431 Helena Drive, for $127,500 per unit.

The property, known as the Watershed Residences, previously sold in 2011 for $2.1 million.


Related Articles

arrow_forward_ios
From left: Harbor Group International's Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential's Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach (Cottonwood Residential, Harbor Group International, Google Maps, iStock)
Cottonwood buys Pompano Beach apartment complex for $95.5M
Cottonwood buys Pompano Beach apartment complex for $95.5M
From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
TPA's J Bradford Smith with conceptual site plan for Edison Pembroke (TPA,Nelson)
Developer switches office park plan in Pembroke Pines to mixed-use apartment project
Developer switches office park plan in Pembroke Pines to mixed-use apartment project
409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development (Google Maps, Alta Development)
Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
Cymbal's Asi Cymbal and Hector Torres with rendering of proposed Miami Gardens apartments (Jo Palma + Partners Corporation)
Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments
Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments
(left to right) Nuveen's Mike Nuveen with 800 Waterford Way and Pebb Enterprises' Ian Weiner with 5355 Town Center Road (CoStar, Nuveen, TVS Design, Pebb)
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
The Boring Company's LVCC Loop under the Las Vegas Convention Center (The Boring Company, Getty)
Fort Lauderdale to pay Elon Musk’s company to study tunnel plan for the city
Fort Lauderdale to pay Elon Musk’s company to study tunnel plan for the city
arrow_forward_ios

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

Loading...