Bayview Partners paid $69.5 million for an apartment complex in south Miami-Dade County’s Naranja neighborhood.
Bayview bought the South Pointe complex at 13720 Southwest 272nd Street from an affiliate of the project’s developer, Garco, according to the broker.
Tal Frydman of Newmark represented both sides in the deal.
The buyer also scored a $58.6 million loan from Uniondale, New York-based Arbor Realty Trust, said Alexander Kaushansky of Arbor, who negotiated the financing.
Garco completed the three-story garden-style complex in 2017 on 10.7 acres, property records show. It’s the first time it has traded.
The 252-unit South Pointe sale breaks down to nearly $276,000 per apartment.
Bayview Partners plans more than $2.1 million in capital improvements, according to Kaushansky.
Garco, based in southwest Miami-Dade, is a developer focused on single-family homes and townhouses; multifamily, industrial and retail sectors, according to its website.
Bayview Partners, led by CEO Shaya Rubin, is an investor in multifamily, office and industrial real estate, according to its website. Its portfolio spans more than 650,000 square feet of office space and over 3,100 apartment units. Bayview lists one other South Florida property in Tamarac. The company has offices in Inwood, New York; and Columbus, Georgia.
South Florida’s multifamily market has prospered from strong demand, which has allowed landlords to increase rents and prompted investment appetite.
In March, Miami led the nation with the biggest rent increase of 58 percent over the past two years, with the median rent reaching $2,988 per month, according to Realtor.com.
In March, Harbor Group International bought a pair of ParkLine Miami apartment towers at Brightline’s downtown station for more than $400 million, marking the biggest single-asset apartment deal since at least 2018.