Related, Shoma, PGIM sell Doral apartments for $100M amid coronavirus pandemic

303-unit apartment complex sold for $330K per unit

Miami /
Mar.March 31, 2020 03:15 PM
Jorge Perez and Masoud Shojaee with  the Flats Apartments at CityPlace Doral (Credit: Google Maps)

Jorge Perez and Masoud Shojaee with  the Flats Apartments at CityPlace Doral (Credit: Google Maps)

The Related Group, Shoma Group and PGIM Real Estate Investors sold The Flats Apartments at CityPlace Doral for $100 million, marking the largest deal to close in South Florida during the coronavirus pandemic.

Harbor Group International paid $330,000 per unit for the two-tower, 303-unit multifamily development at 3555 Northwest 83rd Avenue in Doral.

Earlier this year, Virginia-based Harbor Group International closed on one of the largest apartment portfolio deals ever, paying $1.85 billion for 13,243 units, most of them across the South and Southwest.

The Flats at CityPlace Doral was completed in early 2017 and includes studios, one-, two- and three-bedroom apartments. It was developed on top of the 300,000-square-foot retail component of CityPlace Doral.

Chris Conklin with Walker & Dunlop represented the sellers of The Flats.

Related, Shoma and PGIM opened CityPlace about three years ago. The $800 million mixed-use project spans 55 acres and includes 40 retail, restaurant and entertainment tenants anchored by the 550-seat CinéBistro, more than 1,000 residential units, including 150 single-family homes developed by Shoma, 700 rental apartments and 320 condos.

In August 2017, Related, Shoma and PGIM sold the Manor at CityPlace, a 394-unit luxury apartment complex at the Doral mixed-use project for $135 million, or nearly $343,000 per unit. TA Realty purchased the Manor.

Rents at The Flats at CityPlace range from $1,774 a month to $3,417 a month, according to Apartments.com. The listings website is advertising one month of free rent, plus waived fees and reduced deposits.

A number of deals have been put on hold or canceled due to the spread of Covid-19 and its effect on the real estate market.

Even restaurants at CityPlace have adapted after dining rooms and bars were ordered to close, and are now offering takeout and delivery service, according to the mall’s website. Retail tenants there include The Fresh Market, Tap 42, Cooper’s Hawk Winery & Restaurant and T-Mobile.


Related Articles

arrow_forward_ios
Ivanhoé Cambridge's Nathalie Palladitcheff and Greystar's Bob Faith with the InTown Apartments at 1900 Southwest 8th Street, Miami (Ivanhoé Cambridge, Greystar, InTown Apts.)
Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
AMLI Residential Chairman and CEO Gregory Mutz with the site (Google Maps, AMLI)
AMLI Residential bets $31M on another Midtown Miami development site
AMLI Residential bets $31M on another Midtown Miami development site
The Oakwood Apartments at 2425 Second Avenue North in Lake Worth Beach (Google Maps)
New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
Related's Jorge Pérez and Jon Paul Pérez, Teddy Sagi and a rendering of the White House Inn
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
Trammell Crow CEO Kenneth Valach and the site for the development (Google Maps, Trammell Crow)
Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site
Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site
PTM Partners' Michael Tillman and Nicholas Pantuliano with Kushner's Laurent Morali and Nicole Kushner with renderings of the project (PTM Partners, Kushner)
Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami
Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami
Major Food Group to open Sadelle’s in Coconut Grove
Major Food Group to open Sadelle’s in Coconut Grove
Major Food Group to open Sadelle’s in Coconut Grove
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
arrow_forward_ios

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

Loading...