Westover picks up apartment complex near Westchester for $55M

Westover bought the property for $166,163 per unit

Miami /
Aug.August 07, 2019 11:30 AM
Green Briar West Apartments (Credit: Google Maps)

Green Briar West Apartments (Credit: Google Maps)

The Westover Companies bought a 331-unit apartment complex near Westchester for $55 million.

King of Prussia, Pennsylvania-based Westover Companies bought the Green Briar West Apartments at 9615 Southwest 24th Street for $166,163 per unit. The seller is Green Briar West Corp., which is managed by Paul C. Green.

Westover Companies secured a $12.8 million loan from the Voya Retirement Insurance and Annuity Company to finance the acquisition.

The apartment complex totals 285,243 square feet.

Westover Companies’ portfolio includes 12,000 apartments in over 60 communities in the Philadelphia suburbs, South Jersey, Delaware, and Maryland, according to its website.

Apartment rent price growth is starting to slow in Miami after years of rising prices, according to a recent report from Berkadia.

The report signals that rents are starting to stabilize in Miami amid a glut of inventory from new apartments and condos that are being rented out. In West Miami and Doral, monthly rents actually decreased 2.2 percent to $1,850, the report shows.


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