The Olivia apartment complex north of Homestead traded for $70.5 million, marking a continuation of a flurry of deals fueled by a robust multifamily market.
Artemis Real Estate Partners bought the southwest Miami-Dade County community at 14981 Southwest 283rd Street from Alcazar Development Group, according to property records. Artemis financed the purchase with a $46.9 million loan from Canadian Imperial Bank of Commerce.
Berkadia’s Jaret Turkell and Roberto Pesant brokered the deal.
Denver-based Grand Peaks, an investment and property management firm, is likely managing the property. The company is tied to the buyer’s LLC.
The Olivia consists of three-story buildings with 288 units, property records show. The Homestead-area complex traded hands for close to $245,000 per unit.
The community has one- to three-bedroom apartments, with monthly rents ranging from $1,440 to $1,950, according to the complex’s website.
Alcazar Development, based in South Miami, built it in 2018 across 3.4 acres.
Alcazar is led by managing directors Justo Fernandez, Jose Jorge Figueroa and Guillermo Villar, as well as senior project manager Scott Hedge.
Artemis, based in the Washington, D.C., metropolitan area, is an investment manager that makes debt and equity investments on real estate, according to its website. It has purchased more than $9.5 billion of real estate. Deborah Harmon is co-founder and CEO.
There has been unceasing investor appetite for multifamily real estate, as the South Florida market has prospered in 2021 because of high demand mainly from an influx of regional newcomers.
This pushed up rents, with Miami posting a 38 percent increase this year, the highest nationwide, according to a Zumper report released in December.
Investors took note and rushed to scoop up apartment communities. The biggest deal this year was motivational speaker and social media star Grant Cardone’s purchase of four Broward County properties for a combined $744 million.