Loosened requirements on business closures may have helped keep more Floridians employed, and thus paying their rent, but the pandemic may have hurt top sales in the multifamily market.
The top South Florida multifamily sale of 2020 didn’t beat 2019’s $322 million sale, but it did best 2018’s $149 million top sale. And South Florida’s top five sales did see a higher average price per unit than last year’s top five — $299,000, compared to $275,000.
Here is a breakdown of the top multifamily sales of the year in South Florida.
Mill Creek Residential and Invesco sold a 555-unit apartment complex in Fort Lauderdale for $180 million. The buyer, NM-Port Royale LLC, is tied to Northwestern Mutual. The deal includes the Emera Port Royale apartments, formerly called Modera Port Royale, at 3333 South Port Royale Drive, as well as nearby vacant land.
A CBRE Global Investors sponsored fund paid $132.1 million for a large apartment complex at the entrance to the 79th Street Causeway in Miami. Upper East Side Miami LLC sold the Shorecrest Club Apartments to SPUS9 Bayshore LP. The 467-unit bayfront apartment buildings sold for about $283,000 per unit. ECI Group, a multifamily development, investment, management and brokerage firm based in Atlanta, sold the property at 7950 Northeast Bayshore Court. ECI co-developed the project with Adler Development and Canyon Capital Realty Advisors LLC.
The real estate investment firm of author and speaker Grant Cardone bought a 553-unit waterfront apartment complex in Fort Lauderdale. Port Royale Apartments, at 3300 Port Royale Drive North along the Intracoastal Waterway, span 22 acres with a private marina. The complex features 392 garden-style units across 16 acres and 161 units in a mid-rise building. Robert Given of Cushman and Wakefield brokered the deal on behalf of the seller, Chicago-based real estate investor and property manager Waterton.
TA Realty bought a 340-unit apartment project in Fort Lauderdale’s Flagler Village for $112 million from a partnership between Morgan Group and JPMorgan. The development, known as Pearl Flagler Village, sold for $329,411 per unit, records show. The project at 400 Northeast Third Avenue opened a year ago.
Global asset manager Nuveen Real Estate paid $103.5 million for a luxury apartment project in West Palm Beach.
Records show Broadstone City Center LLC, a company tied to Alliance Residential, sold the 315-unit Broadstone City Center at 499 Evernia Street. The mid-rise development, which spans a city block in downtown West Palm Beach, traded for about $329,000 per rental.
SOURCE: TRD analysis of brokerage data, as provided by Colliers International, news clippings and market reports.