Here are South Florida’s top multifamily deals of 2019

NexPoint Residential paid $322M for 1,520-unit Avant at Pembroke Pines in August

Miami /
Dec.December 20, 2019 08:45 AM
From left: Doral View at 901 Northwest 97th Avenue, 11801 Pembroke Road and 1721 17th Street

From left: Doral View at 901 Northwest 97th Avenue, 11801 Pembroke Road and 1721 17th Street

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.


Related Articles

arrow_forward_ios
Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon) 18 Million, West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
 Clearline Real Estate's Jenny Bernell with Block E at 1550 (Smith Aerials)
Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M
Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami (Google Maps, LinkedIn)
Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property
renderings of the proposed three-tower development on the site of an existing Hyatt and the James L. Knight Center on the Miami River at 400 Southeast Second Avenue, Miami (Arquitectonica, Gencom, LinkedIn)
Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue (LinkedIn, Kushner, Morali via Sasha Maslov, Google Maps)
Kushner to co-develop multifamily project south of Hard Rock Stadium
Kushner to co-develop multifamily project south of Hard Rock Stadium
Shoma's Masoud Shojaee and Stephanie Shojaee with 3650 Bird Road (Shoma Group, Google Maps)
Shoma pays $34M for Miami apartment towers dev site
Shoma pays $34M for Miami apartment towers dev site
arrow_forward_ios

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

Loading...