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
By Keith Larsen | June 19, 2019 12:30PM

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.