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Black Creek buys Davie apartments for $79M
Complex last sold in 2007 for $58M
Real estate management firm Black Creek Group bought a 340-unit apartment complex in Davie for $79.1 million.
Black Creek, based in Denver and led by CEO Raj Dhanda, bought the complex at 11000 Cameron Court for about $233,000 a unit, according to records.
Los Angeles-based investment firm CIM Group sold the complex, which was built in 1998. It last sold in 2007 for $57.75 million, according to records.
An online listing shows one-bedroom to three-bedroom units available from 751 square feet to 1,298 square feet, renting for $1,490 a month to $1,927 a month.
In August, CIM closed on one of the biggest multifamily deals that the Northern Virginia market has ever seen: $506 million for the 2,311-unit Southern Towers in Alexandria, just outside Washington, D.C.
In June, CIM backed out of a deal to buy the 869,000-square-foot Baldwin Hills-Crenshaw Plaza mall in California for more than $100 million.
CIM received at least $5 million through the Paycheck Protection Program this year for the Dominick at 246 Spring Street in New York, formerly known as Trump Soho.
In December, Black Creek Group bought a warehouse and distribution center in Weston for $32.4 million.
Other recent multifamily deals in South Florida include $18 million for the Federation Davie Apartments in Davie, and a 72-unit low-income housing building in Opa-locka sold for $8.2 million.