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

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

TRD 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
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)

It’Sugar files for bankruptcy protection after sales sour

It’Sugar files for bankruptcy protection after sales sour
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
2701 Jockey Circle in Davie, FL (Google Maps, iStock)

Leaked bank documents show South Florida real estate’s alleged ties to money laundering

Leaked bank documents show South Florida real estate’s alleged ties to money laundering
Kelly Kite and 690 Northwest 13th Street (Google Maps)

More multifamily may be coming to Overtown

More multifamily may be coming to Overtown
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
Grant Cardone and 3300 Port Royale Drive North, Fort Lauderdale (Credit: Google Maps)

Grant Cardone nabs waterfront Fort Lauderdale apartment complex

Grant Cardone nabs waterfront Fort Lauderdale apartment complex
Kenneth Stiles and a rendering of Novo Las Olas

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale

Preleasing begins at Novo Las Olas in downtown Fort Lauderdale
249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown
arrow_forward_ios

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

Loading...