MRK Partners buys senior affordable living facility in South Miami Heights

El Segundo, California-based company purchased the 210-unit Casa Devon for $207K per unit

Miami /
Jun.June 19, 2019 12:30 PM
MRK Partners CEO Sydne Garchik and Casa Devon

MRK Partners CEO Sydne Garchik and Casa Devon

MRK Partners paid $43.5 million for a senior affordable living facility in South Miami Heights.

The El Segundo, California-based company purchased the 210-unit Casa Devon at 11250 Southwest 97th Street for $207,142 per unit, records show. Plaza 8 Associates, managed by Reinaldo Jimeez and Jorge Luis de la Osa of Miami, sold the property.

Plaza 8 bought the complex for $7.7 million in 2003, records show. It was built in 1981.

MRK Partners secured a $38 million loan from BC Texas Debt Warehouse, an affiliate of Denver-based Bear Creek Holding Co., to acquire the development, records show.

Casa Devon totals 144,629 square feet and sits on a 5.8-acre lot near US-1 and the Florida Turnpike. It is subsidized by the U.S. Department of Housing and Urban Development.

MRK Partners was founded by Sydne Garchik in 2015 and now has more than 3,000 units and 15 properties in its portfolio. The real estate firm focuses on affordable housing and also owns the the Phoenix, a 164-unit facility in Homestead at 1554 Northeast 8th Street.


Related Articles

arrow_forward_ios
Ron DeSantis and Peter Thiel (Illustration by The Real Deal with Getty)
Peter Thiel on Florida real estate: “becoming like California”
Peter Thiel on Florida real estate: “becoming like California”
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
arrow_forward_ios

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

Loading...