With a $104.8 million purchase, a Canadian real estate development firm is the new owner of the InTown apartment complex in Miami’s Little Havana neighborhood.
An affiliate of Ivanhoé Cambridge picked up the two-tower, 15-story multifamily project at 1900 Southwest Eighth Street, according to records. The purchase is part of the firm’s $3.6 billion deal to acquire a 10,000-unit portfolio from Greystar.
In 2016, Greystar bought the 492-unit complex for $88.8 million from Coral Gables-based developer Astor Companies, which completed the project the same year, according to records. Astor converted the development from a condominium to a multifamily project following lackluster sales reservations.
Ivanhoé Cambridge, led by President and CEO Nathalie Palladitcheff, honed in on 30 properties in growth markets in the Sun Belt and coastal suburbs when it made its blockbuster purchase. The deal also included Ivanhoé Cambridge’s recent $73.5 million purchase of the 225-unit Avana Bayview complex and a nearby urgent care center in Pompano Beach.
Charleston, South Carolina-based Greystar, one of the largest multifamily real estate firms in the world, originally planned to sell the properties one at a time. Instead, the company decided to offer the entire package to one buyer and capitalize on the booming multifamily market. In August, Ivanhoé Cambridge came out on top after three rounds of bidding.
Greystar also recently offloaded another South Florida property that was not part of the Ivanhoé Cambridge package. In May, Greystar sold the 279-unit Satori Apartments in Fort Lauderdale to Bell Partners for $99.5 million.
Based in Montreal, Ivanhoé Cambridge has an interest in more than 1,100 buildings worldwide, focusing on industrial and logistics office, residential and retail, according to its website. In South Florida, Ivanhoé Cambridge has a 42.7 percent ownership interest in the Mary Brickell Village shopping center in Miami. In 2015, the firm sold a majority stake to Rockpoint Group for $113.5 million in a deal to recapitalize the open-air retail center that was completed in 2008.