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Circle Capital Partners buys Davie apartments for $35M
Deal for 178-unit Vue on 67th equates to $195K per door
Coral Gables-based Circle Capital Partners paid $34.7 million for the Vue on 67th apartment complex in Davie.
Records show Circle Capital, through an affiliate, bought the community at 4199 Southwest 67th Avenue from an entity led by executives at Boca-Raton based Park Partners Residential.
Circle Capital took out a $23.5 million loan from Greystone Servicing to finance the purchase.
The deal for the 178-unit complex breaks down to $195,663 per unit.
The complex, built in the 1970s on 7.7 acres, last traded in 2018 for $20 million, property records show.
Founded in 2015, Park Partners is a multifamily manager, buyer and developer that has purchased and built more than $300 million in real estate, according to its website. Its managing partners are Rick Giles, who also is president of Giles Capital Group, and Alexander Rosemurgy, who also is CEO of Rosemurgy Properties.
Circle Capital, whose co-founding principal is Todd Linden, focuses on the purchase and development of multifamily, senior housing and retail, as well as general partner equity placement, according to its website.
The deal is the latest in a slew of South Florida multifamily investment sales, as the market has been reaping the benefits of high demand and unprecedented rental rate hikes.
In another Broward County apartment deal in August, RREEF Management bought a Pembroke Pines complex for $121.3 million.
The most expensive sale this year is Atlanta-based Cortland’s purchase in August of a new seven-building apartment complex in Boca Raton for $230 million.