Institutional investors continued betting on South Florida’s multifamily market in 2019, paying top dollar for new or recently built rental communities. The buyers, who include the Blackstone Group and real estate investment trust NexPoint Residential, are betting on the region’s continued population growth and a national shift from home-buying to renting.
Here were the top five sales in 2019:
NexPoint Residential pays $322M for Pembroke Pines rentals
NexPoint Residential paid $322 million for Avant at Pembroke Pines, a 1,520-unit multifamily property at 11801 Pembroke Road. Park City, Utah-based National Property REIT Corp. sold the complex for $212,000 per unit.
Blackstone pays $209M for Doral apartments
Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral: Doral View at 901 Northwest 97th Avenue and Town Fontainebleau Lakes at 1062 Northwest 87th Avenue. The Related Group and Rockpoint Group sold the 720-unit portfolio for about $290,000 per apartment.
TGM buys Fort Lauderdale apartments
TGM Associates bought the Broadstone Harbor Beach apartment complex in Fort Lauderdale for $136 million. Alliance Residential and Invesco Real Estate sold the 394-unit waterfront building at 1721 17th Street for $345,000 per unit.
Cortland and Clarion Partners pay $120M for Broadstone North Boca Village
PGIM Real Estate and Alliance Residential sold a sprawling apartment complex in Boca Raton to Cortland and Clarion Partners for about $120.8 million. Broadstone North Boca, a 384-unit apartment development at 7801 North Federal Highway, sold for $315,000 per unit.
Fairfield Residential sells new Flagler Village apartments for $92M
Fairfield Residential sold the property at 673 Northeast Third Street to a company tied to Lumin Chang, who was previously an executive with Wyse Technology. The 292-unit apartment complex in Flagler Village traded for $92 million, or $315,000 per unit.
SOURCE: TRD analysis of brokerage data, as provided by Colliers International, news clippings and market reports.