Here are South Florida’s top five multifamily sales in June

$209M deal for Doral complexes topped the list
By Keith Larsen |
Research by Haru Coryne
June 28, 2019 02:40PM

Clockwise from top left: Doral View and Town Fontainebleau Lakes, Alister Boca Raton, Luma West Palm, Glen Apartments, Avana Cypress Creek Apartments

Clockwise from top left: Doral View and Town Fontainebleau Lakes, Alister Boca Raton, Luma West Palm, Glen Apartments, Avana Cypress Creek Apartments

Doral View and Town Fontainebleau Lakes – Blackstone Group | $209M

Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral, marking the largest multifamily deal in South Florida so far this year.

The Related Group and Rockpoint Group sold 720 units, split between Doral View at 901 Northwest 97th Avenue and Town Fontainebleau Lakes at 1062 Northwest 87th Avenue. Blackstone paid about $290,000 per apartment.

Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley, James Quinn and Neal Victor represented Related and Rockpoint, according to a release.

The garden-style communities, which sit on 33 acres just south of the Dolphin Expressway, were built in 2014 and 2016 and are 95 percent leased, Cushman said. They hit the market in February.

Alister Boca Raton – American Landmark | $92M

American Landmark paid $91.5 million for a 448-unit apartment complex in Boca Raton.

American Landmark purchased Alister Boca Raton at 10235 Boca Entrada Boulevard for $204,000 per unit, according to a press release. A joint venture between Mill Creek Residential and AIG sold the community.

The apartments were built between 1986 and 1988 and offer one-, two- and three-bedroom units. Rents range from $1,299 to $2,127, according to Apartments.com.

Luma West Palm – Charles Scardina Jr. | $67M

South Florida developer Charles Scardina Jr. sold a new apartment complex to a Salt Lake City firm for nearly $67 million.

Scardina’s Luma at West Palm Beach LLC sold Luma West Palm Apartments at 7130 Okeechobee Boulevard to CC West Palm Beach LLC, which is tied to Cottonwood Residential.

The deal breaks down to about $273,000 per apartment. Luma was built on a 10.2-acre site west of the Florida Turnpike in 2018. Florida Community Bank provided the $35.6 million construction loan for the project.

Cottonwood Communities, a real estate investment trust, announced the deal was under contract in April. The development includes a heated pool with cabanas, fitness center, 5,500-square-foot clubroom, business center and dog park.

Glen Apartments – Bar Invest Group | $59M

Bar Invest Group paid $59 million for a 405-unit apartment complex in Lauderhill as it expands its multifamily portfolio in South Florida.

A company tied to Turner Multifamily Impact Fund sold the Glen Apartments at 2360 Northwest 56 Avenue for nearly $146,000 per unit, records show.

Santa Monica, California-based Turner bought the complex in 2015 for $44.8 million, records show. It was built in 1988. Apartments range from one to three bedrooms with monthly rents from ‎$983 to $1,485, according to Apartmentfinder.com.

Eaton Vance Management – Avana Cypress Creek Apartments | $46M

Greystar sold a North Lauderdale apartment complex to Eaton Vance Management for $46 million.

The Charleston, South Carolina-based company sold the 220-unit Avana Cypress Creek Apartments at 1700 South State Road 7 for $209,000 per unit, records show.

The complex has one- to three-bedroom apartments, with monthly rents ranging from $1,472 to $2,372, according to Apartments.com.

The property sits right off the Florida Turnpike, close to the Fort Lauderdale Executive Airport. Greystar bought the complex for $36.5 million in 2014, according to records. It was built in 2009.