Circle Capital Partners buys Davie apartments for $35M

Deal for 178-unit Vue on 67th equates to $195K per door

Miami /
Aug.August 27, 2021 10:30 AM
4199 Southwest 67th Avenue in Davie with Park Partners Residential's Rick Giles and Rosemurgy Properties' Alexander Rosemurgy (Google Maps, Park Partners, Rosemurgy)

4199 Southwest 67th Avenue in Davie with Park Partners Residential’s Rick Giles and Rosemurgy Properties’ Alexander Rosemurgy (Google Maps, Park Partners, Rosemurgy)

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.






    Related Articles

    arrow_forward_ios
    Investor picks up Margate shopping center for $11M
    Investor picks up Margate shopping center for $11M
    Investor picks up Margate shopping center for $11M
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    ParkLine MiamiCentral
    Brightline parent lists MiamiCentral apartment towers for $500M
    Brightline parent lists MiamiCentral apartment towers for $500M
    830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
    Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
    Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
    Hyperion Group CEO Rob Vecsler, Starwood Capital CEO Barry Sternlicht and a rendering of 350 South Australian Avenue (M18 PR, Wikimedia)
    Starwood acquires stake in West Palm Beach development site
    Starwood acquires stake in West Palm Beach development site
    Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
    Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
    Estate Companies pays $15M for downtown Hollywood Opportunity Zone site
    Nuveen Real Estate CEO Mike Sales and LaVida apartments (Eileen Escarda)
    Nuveen pays $98M for Blue Lagoon apartment complex in Miami
    Nuveen pays $98M for Blue Lagoon apartment complex in Miami
    RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza
    RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza
    RK Centers pays $16M for Winn-Dixie-anchored Miramar shopping plaza
    arrow_forward_ios

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

    Loading...