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

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

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.

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