search

The Real Deal Logo

Trending

Fort Lauderdale crane collapse victim seeks over $50M in damagesFort Lauderdale crane collapse victim seeks over $50M in damagesLA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsTides’ original investors may be wiped out by preferred equity dealTides’ original investors may be wiped out by preferred equity dealBushburg buying Rudin’s half-empty FiDi office building for $160MBushburg buying Rudin’s half-empty FiDi office building for $160M
Commercial
South Florida

Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale

Avana Bayview, adjacent urgent care center sold for $73.5M

From left: Bob Faith, chief executive officer, Greystar and Nathalie Palladitcheff, president and chief executive officer, Ivanhoé Cambridge (Greystar, Ivanhoé Cambridge, Google Maps)
From left: Bob Faith, chief executive officer, Greystar and Nathalie Palladitcheff, president and chief executive officer, Ivanhoé Cambridge (Greystar, Ivanhoé Cambridge, Google Maps)

When Canadian real estate company Ivanhoé Cambridge struck a deal to buy $3.6 billion of apartments in the U.S., it honed in on growth markets like the Sun Belt and coastal suburbs.

It is no surprise then that the Avana Bayview complex in Pompano Beach was one of the 30 properties.

Ivanhoé Cambridge bought the community at 1631 South Federal Highway, as well as a next-door urgent care center at 1611 South Federal Highway, from Greystar for $73.5 million, records show.

The deal is part of the nearly 10,000-unit recent portfolio sale by Greystar to Ivanhoé.

The 225-unit Avana community and the medical office building were built in the early 2000s on nearly 5 acres, property records show.

The office building spans 4,492 square feet, according to property records. It is occupied by CareSpot Urgent Care.

Sign Up for the undefined Newsletter

Charleston, South Carolina-based Greystar, a behemoth in the multifamily market, originally had considered selling properties one at a time, but then decided to go all in with one buyer. The properties were part of its value-add fund Greystar Equity Partners IX, launched in 2015.

Greystar, led by Bob Faith, has $45.1 million of assets under management, according to its website.

It has unloaded some of its other South Florida assets this year. In May, Greystar sold a 279-unit Fort Lauderdale multifamily complex for $99.5 million.

Montreal-based Ivanhoé, led by Nathalie Palladitcheff, develops and invests in real estate globally, with an interest in more than 1,100 buildings, according to its website. It focuses on industrial and logistics, office, residential and retail space.

Ivanhoé holds 42.7 percent of the ownership interest of Mary Brickell Village shopping center in Miami, according to its website.

The Pompano Beach purchase comes as South Florida’s rental market is booming. Demand largely from newcomers as well as locals has been unprecedented, allowing for rent hikes of as much as 24 percent in a matter of months in parts of the region.

Tags
GreystarOffice MarketPompano Beach