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New York multifamily investor drops $160M on Cordoba apartments in Doral
Deal for 454-unit complex equates $352K per apartment
New York multifamily investor Dermot scooped up the Cordoba apartment complex near Downtown Doral for $160 million.
J.P. Morgan Investment Management, through an affiliate, sold the 454-unit complex at 8111 Northwest 53rd Street in Doral, according to records. The buyer took out a $101 million loan from Canadian Imperial Bank of Commerce.
The deal breaks down to $352,423 per unit.
Dermot acquired the complex in two deals, each for $80 million.
In one purchase, it bought the 224-unit building on the north side of 53rd Street. The 330,528-square-foot property was completed in 2010 on 4.5 acres, property records show.
In the second purchase, Dermot bought the 230-unit portion of the complex on the south side of the street. The 387,903-square-foot property was completed in 2013 on 4.5 acres. Records do not indicate the complex was previously sold.
Cordoba offers one-, two- and three-bedroom units, ranging from 700 square feet to 1,300 square feet, according to the community’s website. Amenities include two swimming pools, a gym, outdoor kitchens and sports bar area, and yoga and Pilates rooms. It is near the massive, mixed-use Downtown Doral development, developed by Codina Partners.
Dermot, led by Stephen Benjamin, owns one other complex in Florida, the Seabourn Cove in Boynton Beach, at 3501 South Federal Highway, according to its website. Most of its properties are in New York City, where it owns 13 complexes. It also owns three properties in North Carolina.
The firm has turned to South Florida as the multifamily market is booming.
The region is seeing unprecedented rent increases, with hikes ranging from 10 percent to 24 percent in a matter of months, due to high demand from locals who have returned to work and newcomers who moved to South Florida during the pandemic, experts have said.
This has fueled investor appetite for local apartment projects. The biggest multifamily deal so far this year was Cortland’s purchase of a new, seven-building Boca Raton complex for $230 million in August.